Rijswijk (Netherlands), Jan 13: Construction firm Hollandsche BETON Groep NV (HBG) said on Wednesday it's 95-per cent owned German unit Wayss & Freytag had taken an additional write-down of 150 million German marks on its project development portfolio in 1998.``This concerns the portfolio that was built up before Wayss & Freytag was acquired by HBG on January 1, 1997,'' HBG said in a statement.
The amount will be deducted as goodwill from the company's assets, HBG added. HBG said it was not satisfied with information received before the buy of Wayss & Freytag from the seller part of the German firm, AGIV .
The company added it was preparing a bid for the remaining five per cent of shares in Wayss & Freytag still in the hands of third parties, valuing the amount involved at around 24 million German marks. Furthermore, the company repeated its earlier profit forecast.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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