Calima Energy Ltd (AU:CE1) has released an update.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Calima Energy Ltd has reached a binding agreement to sell its Canadian subsidiary, Calima Energy Inc, along with the associated paradise field assets, to Aldon Oils Ltd for approximately A$1.3 million. The sale, subject to shareholder approval, is part of a strategy that includes a 60% share buyback program and is aimed at exiting the Canadian market to free up capital for future acquisitions. The company plans to complete the transaction by October 2024 and is also seeking approval to delist from the ASX.
For further insights into AU:CE1 stock, check out TipRanks’ Stock Analysis page.
