MetalNRG has sold its 10.97% stake in EQTEC Italia MDC, a waste-to-energy plant operator in Tuscany, to the provider of its unsecured facility agreement.
A strategic review identified the holding in Italia MDC as non-core, prompting MetalNRG to seek an exit from the investment.
The lender will acquire the stake for just over £316,000, the amount currently drawn down on the lending facility, which will then be cancelled.
As of 31 December 2023, Italia MDC had a book value of approximately £605,000.
Rolf Gerritsen, executive director, commented: “As previously indicated, the holding in Italia MDC was considered non-core as MetalNRG focuses on growth and value creation in the mining sector.
“We are pleased to have secured this sale, which also removes a liability from the company’s balance sheet. We continue to pursue several exciting potential reverse takeover targets for the company.”
