Mubasher: The Kuwait-listed Senergy Holding Co has completed the entire procedures required for exiting its stake in National Drilling Co, an Egyptian company providing oil and gas drilling services in Egypt.
Senergy has transferred its whole stake in National Drilling to the purchaser, and received the contract’s value which is worth $9.94 million (KWD 2.9 million) in cash, according to Senergy’s statement on Wednesday.
The financial impact from selling Senergy’s stake in the Egyptian firm was registered in the financial statements of the fiscal year ended 31 December 2016, excluding losses worth about KWD 60,000 due to foreign exchange differences and transfer fees.
It is noteworthy that Senergy incurred a loss of KWD 4.7 million in FY16 compared to nearly KWD 713,400 in FY15; a year on-year increase of 558.8%.
At the stock level, Senergy closed Wednesday’s session 2.2% lower at 40 fils.
