Rurelec PLC - South America-focused power producer and developer of power plants - Agrees to sell Argentinian interests to Verafont SA, Basic Energy Ltd and Esteban Reynal for up to GBP4 million. This includes Rurelec's interest in Central Termica Patagonia, a 138 megawatt combined cycle powerplant located in Comodoro Rivadavia. Sale is subject to shareholder approval, and completion is expected in June. Rurelec will pay shareholders a special dividend of 0.20 pence per share and will retain the remaining GBP1.1 million as working capital for the next phase of its development.
In January, Rurelec had announced the potential disposal, warning of a tight liquidity situation due to a lack of cash from Argentina.
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By Sabrina Penty, Alliance News reporter
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Rurelec (RUR)