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New Times Energy Corporation Limited ( (HK:0166) ) has shared an announcement.
New Times Corporation Limited has exited its upstream oil and gas operations in Northern Argentina by selling the entire issued share capital of its wholly owned subsidiary High Luck Group Limited, which holds a 50% stake in the Los Blancos oil exploitation concession, to independent third party Lantau Tomorrow Development Inc. for a consideration agreed on an arm’s length basis. The disposal, which completed on the date of the sale and purchase agreement, means High Luck Group will no longer be consolidated into the group’s financial statements and New Times has fully divested its Argentinian assets; management says the move is part of a broader strategy to streamline operations, reallocate capital to other business segments and reduce geopolitical and operational risk exposure, with the deal deemed fair, reasonable and in the interests of shareholders, though it is small enough not to qualify as a notifiable transaction under Hong Kong listing rules.
The most recent analyst rating on (HK:0166) stock is a Hold with a HK$0.04 price target. To see the full list of analyst forecasts on New Times Energy Corporation Limited stock, see the HK:0166 Stock Forecast page.
More about New Times Energy Corporation Limited
New Times Corporation Limited is a Hong Kong-listed investment holding company that has been involved in upstream oil and gas exploration and production, including a 50% interest in the Los Blancos crude oil exploitation concession in Salta Province, Northern Argentina, held through its wholly owned subsidiary High Luck Group Limited. The group has used this platform to participate in Argentina’s energy sector but has been reassessing its portfolio in light of geopolitical, operational and market considerations.
Average Trading Volume: 3,049,100
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$332.2M
Learn more about 0166 stock on TipRanks’ Stock Analysis page.