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Acquisition of power generation equipment out of receivership and onward sale
24th February 2005
Further to its announcement dated 25th January 2005, Rurelec announces that the acquisition of nine Jenbacher 616 gas engines has completed today.
The subsequent sale of six machines has also completed, giving rise to a gross profit to Rurelec on the sale of approximately £333,000 and the carrying value of engines retained will also be approximately £333,000.
Elizabeth Shaw
Finance Director
For further information contact:
Elizabeth Shaw
Tel: +44 (0)20 7793 7676
Rurelec PLC is a British company established to develop rural electrification projects in Latin America. It is managed by a team with a strong track record in developing power projects worldwide and with considerable experience in the electricity sector in Latin America.
Rurelec has two principal businesses:
-Ownership of power generation facilities in isolated areas
-Management of rural electrification expansion projects funded by the World Bank or multi-lateral development agencies.
Rurelec floated on the AIM market of the London Stock Exchange in order to have access to European institutional capital for new power projects and to ensure transparency for its public sector-funded project management activities.
Arbuthnot Securities Limited which is authorised by the Financial Services Authority is acting as nominated adviser to Rurelec and for no one else in connection with the transactions described herein and will not be responsible to any person other than Rurelec for providing the protection afforded to its customers or for advising any other person in relation to the transactions described herein.