SDX Energy mulling sale of its Egyptian assets

12th Jun 2023 13:23

(Sharecast News) - SDX Energy responded to, and confirmed, rumours over the potential sale of its Egyptian business on Monday.

The AIM-traded firm said in an update that it had indeed received multiple offers for the purchase of its Egyptian assets, adding that it was currently in the process of evaluating them.

It said the decision to assess the offers aligned with the ongoing strategic review of its portfolio, as the company aimed to optimise its operations and focus on its core assets.

As part of that review, the board said it considering the feasibility and potential benefits associated with divesting the Egyptian assets.

"The company will be providing further details in due course, as well as further information on the plans to return value to its shareholders via organic and inorganic growth," the board said in its statement.

At 1220 BST, shares in SDX Energy were up 10.54% at 6.19p.

Reporting by Josh White for Sharecast.com.