Coro Energy PLC (AIM:CORO) has announced the sale of its stake in ion Ventures Holdings Ltd for a profit as the company continues to push into the southeast Asian market.
Coro’s 18.76% stake in ion will be sold to US-based SLT1 for £1.25 million, the company said in a statement, with £1 million of this being transferred immediately.
This will then be allocated to Coro’s growing renewable energy portfolio in southeast Asia, the offshore Duyung project and to provide working capital.
“ion Ventures has successfully delivered its strategy and we have been delighted to have been a supportive investor,” managing director Michael Carrington commented.
“This investment was Coro's first step into the clean energy space and was a useful bridge to establishing our own operated renewables portfolio.
“With operated positions in both the Philippines and Vietnam, this minority, non-operated investment is now no longer part of our strategy and we are pleased to exit at a multiple of our entry cost.”
Coro had bought the stake for £500,000 in 2020, with ion having recorded a US$404,000 (£317,774) loss last year.
The remaining £250,000 will be paid to Coro by late March next year, the company added.