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(Alliance News) - Zenith Energy Ltd on Tuesday said it has concluded a share purchase agreement with Hingbo Industries Company Ltd for the sale of subsidiary shares.
Zenith Energy is a Calgary, Canada-based energy company with production, exploration and development assets in Africa and Europe. Its shares were trading 21% higher at 0.94 pence each in London on Tuesday morning.
Under the terms of the agreement, Zenith sold a 51% interest in the issued, allotted, outstanding and fully paid-up share capital of its wholly-owned subsidiary, Zenith Energy Netherlands BV, for a "nominal" consideration.
The exact price of the sale was not disclosed.
Zenith Netherlands is currently dormant, and has no assets.
"We are pleased to welcome a new strategic financial investor in Zenith Netherlands, a company we shall use to pursue potentially highly prospective future acquisition opportunities on a joint venture basis," said Chief Executive Officer Andrea Cattaneo.
"The board looks forward with enthusiasm to updating shareholders on several fronts in due course."
By Holly Beveridge; Alliance News reporter
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