12th May 2015 10:57
LONDON (Alliance News) - Active Energy Group PLC Tuesday said it has assigned the balance of its contract to supply wood chip from Montenegro to Biomasse Italia SpA to an unnamed, unrelated third party, a move it hopes will allow it to focus on its "rapidly expanding and high-margin" Ukraine operations and Canadian joint venture.
Active Energy signed the Biomasse Italia deal back in August 2013, but has since become the largest producer and exporter of processed wood products, including wood chip for MDF manufacturing, in Ukraine and want to focus on those operations, as well as its Canadian forestry and natural resources joint venture.
It said the move to assign the balance of the contract means it will no longer have any revenues or costs associated with it.
Active Energy shares were up 4.4% at 7.10 pence midday Tuesday.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Active Energy