5th Apr 2019 10:42
LONDON (Alliance News) - Natural resources investment firm Starvest PLC said Friday it had received GBP124,000 after an investee firm was acquired for nearly USD480 million.
Kuwait Energy PLC was bought by Hong Kong-listed United Energy Group Ltd for USD1.46 per share, valuing the firm at USD477 million.
Starvest held its stake in Kuwait Energy after building a stake in Consorde Oil & Gas in 2005 before it was bought by Kuwait in 2011.
Following the sale, Starvest received GBP123,800 in proceeds from its stake. This represented a total return on investment of 25%.
At the end of September, the net asset value net of debt for Starvest stood at GBP1.6 million.
'We welcome completion of the acquisition of Kuwait Energy as approved by KEC shareholders late last year," Starvest Chair & Chief Executive Officer Callum Baxter said. "This closes our share holding in KEC and funds have been received in full by Starvest. We plan to use the funds to add to our existing portfolio of mining and resource stocks."
Shares in Starvest were 10% lower at 2.20 pence on Friday.
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