24th Aug 2015 09:29
LONDON (Alliance News) - Turbo Power Systems Inc on Monday said its strategic review is ongoing and said its ultimate parent company has changed after Brazilian mining giant Vale SA acquired its previous owner.
Turbo Power, a Canada-based high-speed electrical machines and power electronic systems provider, said its strategic review is ongoing, with options including a possible sale of the company on the table. It said it will make a further announcement on the review in due course.
Turbo also said its previous parent, Vale Soluções em Energia SA, the Brazilian energy company, which owned an 89.4% stake in Turbo through its Tao Sustainable Power Solutions (UK) Ltd subsidiary, has been acquired by iron miner Vale SA.
Vale SA had been the major shareholder in Vale Soluções em Energia alongside Banco Nacional de Desenvolvimento Econômico e Social, the Brazilian state development bank. Vale has now acquired the bank's shareholding in Vale Soluções em Energia, giving it a 100% stake in the business and, therefore, an 89.4% stake in Turbo Power.
Turbo Power shares were down 7.3% to 0.255 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
TPS.L