17th Dec 2019 14:33
(Alliance News) - Adams PLC on Tuesday said its sold its remaining holding in oilfield services firm Petrofac Ltd for GBP1.1 million.
Adams sold 275,643 shares at 401 pence each on Monday. FTSE 250-listed Petrofac shares were down 5.3% at 379.40p.
Following the share sale, Adams said it intends to reinvest the proceeds "in accordance with the company's investing policy".
Petrofac on Tuesday reported a mixed performance so far in 2019 but said it is set for recovery and growth in the year ahead.
Shares in Adams, a biotechnology and life science sector-focused investment company, were untraded at 5.00 pence in London on Tuesday.
By Arvind Bhunjun; [email protected]
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