IAWS Co-op has boosted its stake in utility National Toll Roads (NTR) to over 20 per cent, following a share purchase valued at €22 million.
The co-op - which owns 10 per cent of listed consumer and agri-foods group IAWS, but is a separate entity - announced that it had increased its holding in NTR plc to 4.984 million shares, or 20.77 per cent of the company.
IAWS Co-op recently bought 3.979 million NTR shares, valued at over €70 million. Yesterday's announcement means that it purchased a further 1.006 million shares.
NTR stock trades on the grey market, as the company is not listed on any stock market. Its shares have been selling at €22 each since last week. The co-op has spent close to €100 million building up its stake in NTR.
An IAWS Co-op statement announcing the original 16 per cent purchase said that it was a further development of a strategy introduced last year of investing in companies likely to deliver value to shareholders.
NTR operates a number of toll roads and owns waste management and environmental services company Greenstar.
It bought Greenstar from its then owner, businessman Mr John Gallagher, for €47 million in 2001. Last November, Mr Gallagher sold 850,000 shares in NTR for €15 million.
The sale cut his holding in the company from 7.7 per cent to 4.1 per cent.
NTR is also part of the Celtic Roads consortium, along with civil engineers Ascon and Spanish group Dragados.
The partnership is bidding for a number of road-building public-private partnership (PPP) projects in the State.
The IAWS Co-op ultimately led to the foundation of IAWS Group plc, but the pair have no relationship outside the former's stake in the latter.
