17th Jan 2019 10:29
LONDON (Alliance News) - Investment company Origo Partners PLC on Thursday said it divested the remaining Niutech Energy Ltd stake it held for USD2.1 million.
Origo shares were trading 22% higher at 0.30 pence each on the back of the news.
The company received 90% of the sale price, with the remaining 10% due on fulfillment of certain conditions. The sale price was at a discount of 20% to book value, the firm added.
Origo expects to use the sale proceeds for general corporate purposes.
Origo did not specify the size of the remaining stake it had sold on Thursday.
Nonetheless, in April 2018 the firm announced it still held a 3.7% indirect interest in the Niutech Energy's operating firm Jinan Heng Yu Environmental Protection Technology Co Ltd following an earlier divestment.
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