Shares in Molecular Energies PLC (AIM:MEN, OTC:PPCGD) (MEN) were up as much as 9% in early trade as the group pointed to the potential positives of the changing of the political guard in Argentina where it is active.
It said it is closely monitoring the recent election results in Argentina, where Javier Milei, a free-market economist, will become president next month.
Milei plans to lift several business restrictions imposed by the current government, including those on foreign exchange and international payments.
These changes could positively impact President Petroleum S.A. (PPSA), a former subsidiary of MEN, by allowing the former to start repaying its intercompany debt to MEN, which exceeds US$ 13 million.
Additionally, a more business-friendly environment in Argentina could benefit President Nuevo Energia, a subsidiary of Green House Capital operating in the green sector.
After the early burst, MEN shares settled at 90p, up 4%.