LONDON (Alliance News) - Specialist engineer Pressure Technologies PLC on Monday said it has penned a sale agreement for the sale of subsidiary PT Biogas Holdings Ltd to Creation Capital Corp.
Pressure Technologies announced the planned sale of PT Biogas, which trades as Greenlane Biogas, to Toronto-listed Creation Capital Corp in December.
Creation Capital is paying GBP11.1 million for the business, and will then spin it out as a separate-listed entity in Toronto.
Pressure technologies said the spin-out process is now moving towards completion.
Completion of the sale is conditional upon Creation Capital executing a successful private placement and securing approvals from TSX Venture Exchange, both of which are in the process of finalising, the company added.
Pressure Technologies shares were untraded on Monday, last quoted at 85.30 pence each.
Pressure Tech (PRES)