LONDON (Alliance News) - Chemicals firm Itaconix PLC on Wednesday said it divested its minority stake in Alkalon AS, a Danish nicotine gum company, for cash proceeds of GBP242,000.
Itaconix's 22.49% stake in Alkalon was purchased by Helmich Invest ApS, Nolta ApS, Solco ApS, and Commerce Pharma Holding ApS, all existing shareholders in Alkalon.
The total sum includes GBP194,000 for the company's minority equity interest in Alkalon and GBP48,000 for the full principal and accrued interest of a shareholder loan.
Proceeds from the sale will be added to Itaconix's cash reserves and used for future working capital needs.
Itaconix shares were trading 2.9% higher at 3.34 pence each on Wednesday.
Itaconix Plc (ITX)