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Soor exits stake in Metalics Energy for Metal and Recycling

Soor exits stake in Metalics Energy for Metal and Recycling
Metalics Energy is a contracting company in the field of oil and gas
MRC
MRC
-0.66% 90.00 -0.60
SOOR
SOOR
0.00% 138.00 0.00

Mubasher: Soor Fuel Marketing Company has sold its entire stake in Metalics Energy to Metal and Recycling, according to a bourse statement issued on Monday.

Soor earlier purchased its 35% stake of Metalics’ equity for KWD 1.5 million.

The financial impact from this exit deal will be realised in the income statements of the fourth quarter of 2017, with expectation of an increase in revenues from selling an investment in associate, Soor noted in the bourse filing.

Metalics Energy is a contracting company in the field of oil and gas in the Middle East region, with a paid-up capital of $37 million.

At the stock level, Soor closed Monday’s session 0.9% higher at 112 fils.