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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, Aug. 24 — GS Engineering & Construction (GS E&C) announced today that it has signed a share purchase agreement to sell its water treatment subsidiary GS Inima to Abu Dhabi National Energy Company (TAQA), securing approximately USD 1.2 billion (KRW 1.677 trillion) in liquidity.
The transaction involves the full divestment of GS Inima shares held through GS E&C’s wholly owned subsidiary, Global Water Solution Co., Ltd. Completion is expected by the second half of 2026, subject to regulatory approvals across GS Inima’s operating markets.
Headquartered in Spain, GS Inima was acquired by GS E&C in 2012 and has since expanded operations in Brazil, the Middle East, and Europe, focusing on desalination, wastewater treatment, and related infrastructure projects. In 2024, GS Inima reported revenues of KRW 573.6 billion and net profit of KRW 55.8 billion.
With proceeds from the sale, GS E&C aims to strengthen its financial structure, reducing its debt burden of over KRW 6 trillion as of last year and improving a debt-to-equity ratio that has exceeded 200%.
“This transaction will not only enhance our liquidity but also accelerate efforts to reinforce our balance sheet and secure financial stability,” a GS E&C spokesperson said.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
