Hungarian PannErgy acquires remaining stake in Szentlörinc Geothermal
PannErgy company website snapshot
Alexander Richter
21 Mar 2018
With the acquisition of a minority stake from the local municipality, Hungarian PannErgy has increased its stake in Szentlörinc Geothermal Ltd. to 100%.
In a release yesterday, Hungarian geothermal energy company PannErgy has bought the last remaining stake in Szentlörinc Geothermal Ltd. bringing its ownership to 100%.
PannErgy Plc has entered into an agreement with the Municipality of Szentlörinc to acquire its 0.20% stake in Szentlörinc Geothermal Ltd.
The purchase price is one million forints (or around $4,000) that the buyer will pay within two banking days. After the transaction, PannErgy Geothermal Power Plants Ltd will become the 100% owner of Szentlörinc Geothermal Ltd.
This puts the evaluation of Szentlörinc to around $2 million.
Source: Pannergy
