Stratic Energy has reached an agreement for the sale of its Turkish business.
Stratic has today signed a sale and purchase agreement in respect of its Turkish subsidiary Stratic Energy (Turkey) Inc. ('SETI'). The purchasers are primarily a group of local Turkish companies. The total cash received from the deal will be $3.45 million, of which $2.40 million has already been paid to Stratic by SETI during the current year, $0.55 million is payable on completion and $0.50 million is due in December 2010. The purchasers will acquire all the assets and liabilities of SETI on completion, which is expected in mid May 2010.
Kevin Watts, Stratic's President and Chief Executive Officer, commented, "The sale of our Turkish business is a further step in our restructuring program and provides us with a clean exit from the region. In addition, it frees up capital of nearly $20 million for investment in higher return activities elsewhere in Stratic's business that would otherwise have been spent on the next phase of development in Turkey."
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