LONDON (Alliance News) - Chagala Group Ltd on Friday said two funds managed by Sturgeon Capital Ltd have sold their stakes in the business.
Chagala, which provides temporary accommodation and facilities services to oil and gas operators in Kazakhstan, said Sturgeon Central Asia Balanced Fund sold 1.9 million shares, or a 8.8% stake, at USD1.85 per share on Tuesday.
In addition, Sturgeon Central Asia Equities Fund has sold 1.2 million shares, or a 5.7% stake, at the same price.
Following the sales, Sturgeon Capital now holds no shares in the business.
Those shares were acquired by TIPP Investments PCC, a public investment company, which bought 14.5% of the business as a result at an average price of USD1.85.
Chagala shares were untraded on Friday morning, having last traded at USD1.03.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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