Gas Natural Fenosa will sell its holdings in African societies Kangra Coal and Iberafrica for a total of 89.6 million dollars (76.8 million euros), as reported Wednesday the company, which frames these operations in its efforts to optimize your portfolio and in the "continuous" review of regions or businesses that are not objective.
Specifically, Gas Natural has reached a pre-agreement with Menar Holding to sell its 70% stake in Kangra, based in Johannesburg (South Africa), for 28 million dollars (24 million euros). The company does not expect effects in its income statement for this operation.
At the same time, Gas Natural Fenosa has reached an agreement with AEP Energy Africa (AEP) to sell 100% of its shareholding in Iberafrica, based in Kenya, for about 61.6 million dollars (52.8 million d euros). The gas company does not expect this operation to generate significant gains.
The sale of 70% of Kangra to Menar Holding is subject to the execution of Izimbiwa's preferential purchase right, the partner of Gas Natural in Kangra, the owner of the remaining 30% of this company, according to the company explained Comisión Nacional del Mercado de Valores (CNMV).
Likewise, the signing of this transaction, which is expected to be completed before the end of the year, is subject to compliance with the terms and procedures established in the Kangra shareholders' agreement, the necessary regulatory approvals and the authorization of Competition.
With regard to the sale of 100% of Iberafrica, Gas Natural expects it to materialize within the fourth quarter of this year.
Iberafrica owns and operates a diesel power plant of about 103 megawatts (MW), while Kangra has a mining right in the province of Mpumalanga and a stake in the Richards Bay coal terminal.
DISINVESTIONS AND NEW STRATEGIC PLAN
The sale of these holdings is part of the strategic review policy of the Gas Natural business portfolio.
The company is working on what will be its new strategic plan, which will be presented this Thursday, and will mark the 'road map' of energy for the period 2018-2022.
This plan, which will focus on the creation of value for shareholders, will be the pillars of management and organization, the optimization of the business portfolio, focus and business and shareholder remuneration.