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.
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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.