17th Sep 2013 12:50
LONDON (Alliance News) - Rurelec PLC Tuesday said that it has acquired the remaining minority stake in UK holding company Cascade Hydro Limited.
The company which develops, owns and operates power generation capacity in the Southern Cone of Latin America, currently owned a 70% stake in Cascade, however it has agreed to acquire the remaining 30% interest in the company, by way of an exchange of shares.
Cascade is a UK holding company, which indirectly owns interests in hydroelectric plants under construction and development in Peru.
It said that the minority shareholders will receive 1,737,116 new Rurelec shares for their holdings in Cascade, at a price of 12.5 pence per share, for a total consideration of GBP217,139.
Rurelec shares were trading 1% lower Tuesday early afternoon, trading at 12.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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