Business
Disposal of interest in Camco South East Asia
Disposal of interest in Camco South East Asia.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 0472E Camco Clean Energy PLC 07 May 2013 \n\nCamco Clean Energy plc\nDisposal of interest in Camco South East Asia Limited\n \nCamco Clean Energy plc (\"Camco Clean Energy\" or the \"Company\") is pleased to announce that it has agreed to dispose of its entire 60.1% interest in Camco South East Asia Limited (\"CSEAL\") for $6.01m (£3.87m) to Payar Investments Ltd (a wholly-owned subsidiary of Khazanah Nasional Berhad (\"Khazanah\")).\n \nCSEAL was set up in September 2010 as a joint venture between Camco Clean Energy and Khazanah to invest in the emissions to energy market in South East Asia, as well as carbon development and advisory services. At the time, the Company invested $5.15m into CSEAL.\n \nSince this date, CSEAL has been developing a pipeline of projects to generate clean energy using local regulatory incentives as well as expanding its carbon development business. As part of this strategy, it acquired a 2MW biogas development project in August 2012 to recover biogas containing methane from palm oil mill effluent. Construction of the project is expected to be completed shortly. \n \nAs part of the Disposal, Camco Clean Energy has agreed that it will enter into a Collaboration Agreement with CSEAL. As part of this agreement Scott McGregor will remain as a Director of CSEAL to provide on-going strategic advice and support with regard to the development of the South East Asian business. Camco Clean Energy will also be available to provide technical input into new clean energy projects being developed and access to carbon commercialisation skills.\n \nThe proceeds from the Disposal will be used to invest in the Company's clean energy project development business in the US and Africa and for general working capital purposes.\n \nScott McGregor, CEO of Camco Clean Energy said:\n \n\"The sale of CSEAL allows Camco Clean Energy to focus on the growth of its clean energy development business in the US and Africa. We look forward to continuing a co-operative relationship with our South East Asian business partner CSEAL.\" \n \nOn inception in September 2010, CSEAL was capitalised with $30.0m, made up of $14.7m as equity and $10.15m as a convertible bond from Khazanah and $5.15m from Camco Clean Energy as equity investment. Camco Clean Energy's initial holding was 6...