Koop said that the conditions of the agreement could not be met and all negotiations with Habau have ceased. Instead, the Koop Group will restructure the Nacap business based on region into three new independent operating business units:

  • Nacap Australia Pty Ltd (Australia);
  • Suedrohrbau Bahrain Holding WLL (Middle East); and,
  • Nacap Holding BV (Europe).

The board of each operating business unit will be responsible for the corporate governance, strategy and business plans of the entities’ activities and will report directly to the Koop Group, which will remain the parent company of each new operating unit.

Importantly, the existing consortium of banks to the Koop Group has endorsed the new strategy and has committed to provide the required financial support to meet the objectives of each new operating unit.

“We are very enthusiastic about this new structure as it will provide the maximum support to the business and will strengthen the new operating units of Nacap and the Koop Group for the years ahead,” said Nacap.