LONDON (Alliance News) - AIM-listed Nova Resources Ltd Friday said it has agreed to sell its entire investment in Nova Logistics Holdings Ltd, the coal haulage operation in Mongolia that lost its main contract earlier in the year.
In a statement, the company said it had sold the business to Cairo Investments Ltd for a nominal initial sum, plus deferred considerations equating to the unit's net profit in 2014 and 2015.
Nova Resources had written-down the value of the business in 2012.
"Nova's board of directors has taken the decision to dispose of this investment as they believe that their time, attention and focus would be better served sourcing other investments that present strong potential for long-term, sustainable growth," the company said in its statement.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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