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9 Feb 2018 09:12
Origo Partners plc
("Origo" or the "Company")
Partial Niutech Divestment
Origo Partners Plc is pleased to announce the indirect sale of a 4.7% beneficial interest in Jinan Heng Yu Environmental Protection Technology Co., Ltd. ("Heng Yu"), the operating company of Niutech Energy Ltd., to Chinese institutional and other investors, for net cash proceeds of RMB 18.8 million (approximately US$3.0 million).
It is expected that the repatriation of the sale proceeds will take several months. The agreed sale price implies a valuation of Origo's interest in Niutech in line with its carrying value as at 30 June 2017.
The cash receipts will be applied towards Origo's working capital requirements with any remainder set aside for retiring debt and distributions to Origo's shareholders.
Origo continues to hold a 7.2 % indirect interest in Heng Yu.
For further information about Origo please visit www.origoplc.com or contact:
Origo Partners plc Niklas Ponnert |
niklas@origoplc.com |
Nominated Adviser and Broker Smith & Williamson Corporate Finance Limited Azhic Basirov Ben Jeynes |
+44 (0)20 7131 4000 |
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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