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Financial News

Dec 2013 Financial News

National Enterprises Limited - Purchase of Powergen sharing from BP

Dec 24, 2013

National Enterprises Limited (NEL) has informed the Stock Exchange that the company closed an agreement with BP to purchase its 10% shareholding in Powergen effective 18th December, 2013.

NEL has finalized the purchase of a BP company called Amoco Trinidad Power Resources Corporation (ATPRC) which held the 10% shareholding in Powergen as its only asset and transferred the assets of this Company into a newly formed subsidiary of NEL called NEL Power Holdings Limited (NPHL). The Unit Trust Corporation was invited to participate in the purchase and will acquire 10% of NPHL.

After a through financial, legal and technical review of ATPRC and Powergen itself, NEL and BP negotiated a Sale and Purchase agreement on terms and a purchase price acceptable to both parties. PWC was NEL’s Financial Advisor and LEX Caribbean Limited was the Legal Advisor on this transaction.


Source:
The Trinidad and Tobago Stock Exchange Limited
Tuesday December 24, 2013