Watpac Limited
(ASX:WTP) says Belgian construction giant Besix Group will buy out company director Kevin Seymour’s stake in the company.
Besix will purchase a 15.6 per cent share in the Queensland-based construction and property development company.
The deal will also see long-serving Mr Seymour retire from the board in September.
Besix's move on the group is subject to approval from the Foreign Investment Review Board, and is scheduled to settle within 30 days.
Watpac also says it has signed a memorandum of understanding with Besix on future joint venture opportunities.
Watpac reported a $1.2 million net profit for the first half of fiscal 2013.
