Business
Completion of sale of 51% interest in subsidiary
Completion of sale of 51% interest in subsidiary.
About this update from Creo Medical Group Plc
[{"type":"text","content":"\n\n \nTHIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 AS THEY FORM PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nCreo Medical Group plc\n(\"Creo\" the \"Company\" or the \"Group\")\n \nCompletion of sale of 51% interest in Creo's European subsidiary\n \nUpdate on receipt of cash proceeds of approximately €30m\n \nCreo Medical Group plc (AIM: CREO), a medical device company focused on the emerging field of minimally invasive surgical endoscopy for pre-cancer and cancer patients, announces that the sale of 51% of the issued share capital of Creo Medical S.L.U. has now completed in escrow, pending receipt of net cash proceeds of approximately €30m.\n \nAs announced on 18 September 2024 (RNS 7151E: Strategic partnership & 51% subsidiary cash sale), Micro-Tech (NL) International B.V., a wholly owned subsidiary of Micro-Tech (Nanjing) Co. Ltd (SHA: 688029) (\"Micro-Tech\") agreed to purchase 51% of the issued share capital of Creo Medical S.L.U. (\"Creo Europe\"), a wholly owned subsidiary of Creo, at an equivalent equity value of €72m (the \"Sale\") on a cash-free, debt-free basis. Along with other customary conditions, completion of the Sale was contingent on Micro-Tech obtaining Outbound Direct Investment clearance in China along with Foreign Direct Investment clearances in Spain, France, Belgium and Germany. These relevant clearances have all been obtained.\n \nThe net proceeds are expected to be received shortly and will be used to strengthen the Group's balance sheet, enabling continued targeted investment in the growth of its core Creo and Kamaptive business and deliver on its commercial and operational objectives. A further update will be provided on receipt.\n \nThe person responsible for arranging the release of this Announcement on behalf of the Company is\nRichard Rees, a Director of the Company.\n \n \n For further information please contact: \n \n\n\n\n\nCreo Medical Group plc\n\n\nwww.creomedical.com\n\n\n\n\nRichard Craven, Company Secretary\n\n\nVia Walbrook PR\n\n\n\n\n\n\n\n\n\n\n\n\nCavendish Capital Mark...