KGI Bought a Minority Stake in Wiener Private Bank
Krupa Global Investments (KGI) bought small stake in Wiener Private…
Kier Group is a major UK construction company involved in government procurements. Kier Group is active in building and civil engineering, support services, public and private housebuilding and land development. The shares of Kier have dropped due to Brexit uncertainty and cuts in procurements by the British government. Furthermore, Kier has participated in several projects with the company Carillion, that went bankrupt last year, and Kier was forced to take over some projects, which significantly raised its debts.
Kier Group announced on 1 August 2019 that it has reduced debts to its creditors and that strategic restructuring of several projects is on track. The company also announced that it has several potential bidders about the construction division of residential homes Kier Living. Shares in response to this announcement have increased by more than 30 %.
We believe the company will overcome Brexit and report positive results on 19 September 2019. The Kier Group shares are an integral part of KGI portfolio and we are continuing to hold on to its shares.