Costain Group PLC - London-based construction and engineering firm - Redburn Europe Ltd says ASGC Construction LLC sells 41.7 million Costain shares at 91 pence, worth £37.9 million. The shares sold represent a 15% stake in Costain and mean that ASGC has sold its entire holding in Costain. The share placing with institutional investors by Redburn was first announced after the London market close on Tuesday. It was increased from the original target of 30 million shares.

‘We note that the sale by ASGC was increased from their original proposal, reflecting strong demand from other institutions for our shares including existing holders increasing their positions,’ a Costain spokesperson comments. ‘This recognises the continued strong performance of the business, high volume of forward work and on target margin growth.’

Current stock price: 97.50p, down 7.1% in London on Wednesday

12-month change: up 65%

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