Plexus Holdings subsidiary sells non-core holding to KSW Engingeering

Plexus Holdings announced that its Afrotel Corp subsidiary has sold its sole asset, a 25% holdings in KSW Engineering, a manufacturer and engineer of oil and gas equipment.

The oil and gas services company said the sale of the non-core holding will raise £1.5m, which will fund its expansion strategy and the development of its POS-GRIP well-head products.

"The need to align Plexus with alternative lower cost manufacturing capacity for POS-GRIP applications to be sold to our customers, is the primary driver behind the divestment of our 25% shareholding interest in the private UK engineering company," said chief executive Ben van Bilderbeek.

As of 13:00 BST, Plexus was trading 2.9% higher at 227p.