黑洞社区

Construction giant Imtech is seeking a 鈧�500m (拢433m) rights issue after disclosing a further 鈧�200m (拢173m) of writedowns to the Dutch stock exchange.

Imtech 鈥� which has a 拢515m-turnover UK division 鈥� disclosed it is making a 鈧�150m (拢130m) writedown on the value of its German business and an extra 鈧�50m (拢43m) writedown on the value of its Polish business.

Imtech already made a 鈧�100m (拢87m) writedown on the value of its Polish business earlier this month.

The German writedown is due to 鈥渧aluation problems with its projects and debtors鈥� in Germany, while the additional Polish writedown was ascribed to problems on three projects the firm previously identified as having issues 鈥� Adventure World Warsaw and one project involving energy-generating bio power stations, also in Warsaw.

Imtech鈥檚 UK division told 黑洞社区 after the first Polish writedown it was 鈥渁utonomous鈥� from the rest of the group and it had 鈥済ood prospects for further revenue and profit growth鈥�.

Imtech UK has said it is aiming to become a 拢1bn turnover business in the UK by 2015.

Gerard van de Aast, chief executive of Imtech, said: 鈥楾he recent developments in Poland and Germany and the related write-downs require a tightening of the quality and effectiveness of our business controls. Our financial structure also appeared to be lacking in robustness. By the intended strengthening of our equity and the measures that have been taken, we are laying a solid foundation for the future.鈥�