(Alliance News) - Sabien Technology Group PLC on Wednesday said it has incorporated Sabien Inc, its wholly owned US subsidiary to source merger and acquisition opportunities for the group in the US.
The Maidenhead, England-based energy efficiency technology group said Sabien Inc, which will operate from San Antonio, Texas, will be used to build and operate distribution channels there for Sabien's current and future European businesses.
Shares in Sabien were up 13% at 0.12 pence in London on Wednesday.
Danny Mills has been appointed president of the subsidiary, with Richard Parris holding the executive chair and company secretary roles.
"In my last company and under my leadership, Intercede Group, generated 71% of sales revenues in 2018 from the US. Danny and I are a strong, experienced team, and investors can be confident in our combined abilities to deliver similar levels of performance at Sabien Inc," said Parris.
On Tuesday, Sabien's operating subsidiary, Sabien Technology Ltd, was awarded a further contract by a "major UK government department" worth GBP400,000. The contract is for the extended deployment of Sabien's M2G Boiler Optimisation Technology across multiple sites throughout the UK, it said.
By Zoe Wickens; zoewickens@alliancenews.com
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Sabien Tech. (SNT)