John Laing Group PLC (LON:JLG) revealed that it has entered a road project in Colombia and, separately, has appointed a new chief financial officer.
The infrastructure investor said it has acquired 21.15% interest in the Pacifico 2 road PPP project for £32mln from Construcciones El Condor.
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Following the transaction, to be completed in early 2021, the project will be owned by Colombian construction and infrastructure development firm Odinsa, with a 78.85% stake, and John Laing with the balance.
Located 20 kilometres south of Medellin, the second-largest city in Colombia, Pacifico 2 is an availability-based public-private partnership project with an operating concession that runs to 2043.
It includes the construction of a new 82-kilometre dual carriageway and two tunnels, as well an upgrade of 54 kilometres of existing road.
The project is part of the Colombian government's Fourth Generation (4G) road building PPP programme aimed at improving road connectivity and safety across the country as well as supporting regional economic growth.
“This investment builds on our initial success with Ruta del Cacao, another 4G road project, which we invested in during 2019, and reflects our local presence and relationships that we have developed in Bogotá,” Alex Yew, John Laing's managing director for Latin America, said in a statement.
In a separate announcement, the FTSE 250 company announced the appointment of Rob Memmott as its chief financial officer with effect from January 5, 2021.
Memmott recently held the same role at Praetura Group, a privately owned financial services business, at asset manager Arrow Global Group between 2011 and 2018 and at Leeds Bradford International Airport prior to that.
His basic salary will be £390,000 with a maximum bonus opportunity of 100% of basic salary.
The FTSE 250-listed firm's hares rose 1% to 340.2p on Tuesday morning.