GS Engineering and Construction signed a stock purchase agreement to sell 100% of its equity in GS Inima, a water treatment specialized subsidiary, to the Abu Dhabi National Energy Company (TAQA) on the 22nd, the company announced on the 24th.
This transaction involves the sale of 100% of the equity of GS Inima, held through GS Engineering and Construction's wholly-owned subsidiary, Global Water Solutions, with a transaction value of approximately $1.2 billion (about 1.677 trillion won).
GS Engineering and Construction plans to complete the sale process by the second half of 2026 after going through regulatory approval procedures for the business sites operated by GS Inima in various countries.
GS Engineering and Construction acquired 80.4% of the equity in GS Inima for €184 million (about 268 billion won at the time) in 2012, subsequently securing the remaining equity and incorporating it as a wholly-owned subsidiary. Headquartered in Spain, GS Inima develops desalination, wastewater treatment, and related infrastructure projects in Brazil, the Middle East, and Europe. As of last year, GS Inima recorded annual revenue of about 573.6 billion won, with a net profit of approximately 55.8 billion won.
Under the principle of sound management, GS Engineering and Construction is establishing a sustainable management foundation through a 'selection and concentration' strategy for new businesses. The company explained that it is proceeding with the sale of GS Inima to strategically reorganize its business portfolio and focus on core operations.
A representative of GS Engineering and Construction noted, "Since being incorporated into GS Engineering and Construction in 2012, GS Inima has achieved continuous growth and has established itself as a leader in the global water treatment market," adding, "This sale is part of GS Engineering and Construction's strategy of selection and concentration, and we will do our utmost to expand investment capacity in core areas and establish a foundation for sustainable growth."