Starvest receives £123,800 from sale of Kuwait Energy

The specialist mining and resources investment business said it realised a total return of approximately 25% on its investment in KEC, which it had initiated in 2005 through a stake in Concorde Oil and Gas a company which was eventually taken over by Kuwait Energy in 2011.

United Energy has paid $1.464 per share, or a total consideration of approximately $477m, with AIM traded Starvest having received approximately £123,800 after the transaction received all regulatory approvals in late March.

Callum Baxter, chairman and chief executive of Starvest, said: "We welcome completion of the acquisition of Kuwait Energy as approved by KEC shareholders late last year. This closes our share holding in KEC and funds have been received in full by Starvest. We plan to use the funds to add to our existing portfolio of mining and resource stocks."

Starvest's shares were down 10.20% at 2.20p at 1026 BST.