MetalNRG PLC (LSE:MNRG) has sold its 10.97% stake in EQTEC Italia MDC, a waste-to-energy plant operator in Tuscany, to its provider of an unsecured facility agreement.
A strategic review deemed the holding in Italia MDC as non-core and MetalNRG said it had been looking to exit from the investment.
MetalNRG’s lender will acquire the stake for just over £316,000, the amount currently drawn down on the lending facility which will then be cancelled.
On 31 December 2023, Italia MDC had a book value of roughly £605,000.
Rolf Gerritsen, executive director, commented: “As we have previously indicated, the holding Italia MDC was considered non-core as MetalNRG concentrates its growth and value creation efforts on the mining sector.
“We are therefore pleased to have secured this sale and at the same time extinguished a liability from the Company's balance sheet.
"We continue to progress a number of exciting potential reverse takeover targets for the company."