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Wednesday, August 30, 2023
SDX Energy announced that it has entered into a non-binding Heads of Terms with a large multinational operator to divest of all of its Egyptian assets in a move to optimize its asset portfolio and focus on the Moroccan energy transition sector. The company expects to close the transaction by year-end.
SDX states that the “signed Heads of Terms represents an important milestone, towards crystallizing value for shareholders and optimizing the company’s asset portfolio. The Disposal will position the company for upcoming diversification into Morocco’s energy transition sector. Moving towards the energy transition narrative also gives access to a wider pool of capital, setting SDX on a new path of growth with the ultimate aim of delivering sustainable returns for shareholders.”
The Disposal will require the consent of SDX shareholders being given in a general meeting. Upon signing a sale and purchase agreement, the company will issue a further announcement and publish a circular containing details of the Disposal and convene a general meeting. Completion of the Disposal will be subject to, among other conditions, the negotiation of final transaction documentation and obtaining Egyptian government approvals for the sale. The Heads of Terms are non-binding and, therefore there can be no certainty that the Disposal will complete, SDX states.
Daniel Gould, Managing Director, commented: “The planned sale of SDX’s Egyptian assets will be a significant milestone on the Company’s transition roadmap that we will soon be presenting to our shareholders. SDX, re-energized with new management, will focus on monetizing exciting opportunities around its Moroccan assets and related energy transition sector-plays in order to reward and deliver capital growth to our shareholders in the near term.”
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