Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) said it has completed the sale of its Trinidad and Tobago business and operations to Steeldrum Ventures Group.
The deal, effective 29 August, was finalised after receiving regulatory approvals.
The transaction sees the sale of Columbus Energy (St Lucia) Limited, which holds the group’s Trinidad subsidiaries. Challenger has agreed revised terms with the buyer for $1.75 million total consideration, with all remaining payments to be in cash.
"I am pleased to report that we have completed the sale of our business in Trinidad and Tobago. This allows full focus on our core assets in Uruguay, where we have a compelling opportunity to create near-term value for our shareholders," said chief executive Eytan Uliel.
Challenger receives $500,000 upon closing, and a further $1 million will be paid in cash at intervals - $500,000 on 31 August 2026, $250,000 on 31 December 2026, $250,000 on 31 December 2027. And, it previously paid a $250,000 deposit in February.