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Columbus Energy SAColumbus Energy sells organised part of its business for PLN 87.4 mln to Ruby01A
Listed renewables firm Columbus Energy sold to Ruby01A an organised part of the company's business, performing tasks related to acquisitions, investment transactions and asset management for Columbus, the company said in a statement. The sale price was set at PLN 87.4 million (EUR 20.6 mln).
The management board explained that the sale of organised part of the company's business is dictated by the overriding economic interest of Columbus, and its main purpose is to strengthen Columbus' financial position and reduce the group's debt by transferring all of its debt to DC24 ASI to Ruby01A, as the purchaser.
"The purpose of the entire transaction is to rebuild the long-term financing capacity of the operating activities," Columbus said in a market filing.
"As a result, a significant portion of the debt currently burdening Columbus, including all debt owed to DC24 ASI, has been removed from Columbus' balance sheet and taken over by Ruby01A, which will translate into an improvement in Columbus' debt and liquidity ratios," it added.
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