Mission completes sale of 30 MMgy biodiesel plant in Kuantan Port
October 11, 2013
BY Ron Kotrba
Mission NewEnergy Ltd. announced Oct. 11 that its wholly owned subsidiary, Mission Biotechnologies Sdn Bhd, has completed the sale of its 100,000 ton per year (30 MMgy) biodiesel plant in Malaysia’s Kuantan Port to Felda Global Ventures Downstream Sdn Bhd for $11.5 million, in a deal that was announced earlier this year.
Mission NewEnergy stated that Mission Biotechnologies will use all of the proceeds from the sale to reduce loans from the holding company, which, in turn, will be used by the holding company to reduce borrowings at the group level, leaving a small amount to fund the group‘s general working capital.
Mission NewEnergy stated that, with the sale, Mission Biotechnologies will cease to have any operations and will become a dormant company.
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