NOVA.L Share News (NOVA)

Russia- and Asia-focused investment firm Nova surged on Friday after selling its entire stake in Nova Logistics following the end of a contract earlier this year.The AIM-listed company is selling the investment to Cairo Investments for a nominal initial sum, plus a deferred consideration which equates to the asset's net profit for 2014 and 2015.Nova Logistics wholly owns Mongolian road haulage coal transportation business Nova Trans. The disposal following the expiration of Nova Trans' contract with Transgobi which ceased in April.Nova said the decision was taken "as [the board] believe that their time, attention and focus would be better served sourcing other investments that present strong potential for long-term, sustainable growth".The stock was up 20% at 0.6p on Friday, but has still fallen by 76% so far in 2013.BC