Avax S.A. agreed to acquire Conspel Construction Specialist (Isle of Man) Limited, 49% stake in Joannou & Paraskevaides Qatar W.L.L and 49% stake in Abu Dhabi J&P LLC from Joannou & Paraskevaides (Overseas) Ltd. on June 12, 2019. The estimated H2, 2019 turnover of the companies being acquired is $200 million. At the same time, AVAX will become a majority partner in the Qatar Foundation Stadium Construction Joint Venture, in which it currently holds a 24% stake. Furthermore, the acquisition is supportive to the proper continuation of existing projects together with their associated employees. The acquisition is subject to certain approvals from local clients, partners and authorities which are expected to be obtained in the coming weeks. The acquisition price is not material within the context of AVAX’s financial position. Alvarez & Marsal Europe LLP acted as joint liquidators of Joannou & Paraskevaides (Overseas) Ltd.