LONDON, UK: Coro Energy PLC, a South East Asian energy company with a focus on natural gas and clean energy, has announced that it will sell its stake in ion Ventures Holdings Ltd to a private US entity, SLT1 LLC, for £1.25 million ($1.59 million) in cash.
Coro will receive £1 million upfront and the remaining £250,000 by the end of March 2024. Coro acquired its 18.76% shareholding in ion for £500,000 ($662,000) in 2020.
Coro’s share of ion’s loss in 2022 was $82k, and the net book value of the assets being sold was $259k. The sale will allow Coro to further develop its renewable portfolio in South East Asia, including its Duyung project, and to provide working capital.
Michael Carrington, Managing Director of Coro Renewables, said: “We are pleased to have supported ion Ventures in achieving its strategy and to exit at a profitable multiple. This investment was our first entry into the clean energy sector and helped us transition to our own operated renewables portfolio. Now that we have established positions in the Philippines and Vietnam, we no longer need this minority, non-operated investment and we are happy to sell it.”