Royal BAM Shares Rise After Dutch Authorities End Probe

Dow Jones12-17

By Christian Moess Laursen

Shares in Royal BAM rose after Dutch authorities ended investigations into some of the construction company's payments and projects.

Shares were up 6.6% at 4.25 euros in morning trade in Amsterdam, taking the year to date gain to 76%.

The Dutch group said Tuesday that an internal review conducted by the company identified potentially irregular payments in connection with projects completed in Africa.

It reported these payments to the authorities, which concluded that they weren't properly recorded and imposed a fine of 30,000 euros ($31,540.50). BAM won't appeal the penalty order, it said.

The probe, which began in 2022, and irregular payments relate to BAM's subsidiary BAM International. The company has been winding down the subsidiary since 2020.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

December 17, 2024 03:49 ET (08:49 GMT)

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