Rurelec aims to expand its business in Latin America

16th Sep 2014 13:52

Latin America-focused Rurelec said it was considering the opportunity to secure major alliances in the area to accelerate growth without demanding an investment from its shareholders.The group said it was considering offers for a 50% stake in its Chilean subsidiary Termonor and was aiming to complete a sale at a “premium to book value”.Meanwhile strong performances from one the firm’s plants in Argentina allowed the monthly repayment to Rurelec London of its outstanding US dollar denominated project loans."With the Bolivian settlement behind us, we are now looking to a future where we return to a growth trajectory with new partners,” said group chief executive Peter Earl.“We have a strong platform of projects and we have a presence in the key markets of Latin America which are increasingly attractive to investors.“Our recent share price performance significantly undersells the value of what we have put together in recent years."Rurelec shares soared and were up 14.29% to 6p at 14:07 on Tuesday.