Disposal of Water Business
Chariot Limited has disposed of its water business, including its stake in the Oasis Water Platform and a desalination project in Djibouti, to AquaNexus Holding for US$435,000 in cash. This strategic move allows Chariot to focus on its core interests in electricity trading and generation projects within its Power division across southern Africa. The water business generated US$162,000 in revenue and a loss of approximately US$100,000 in the year to December 31, 2024, with a book value of US$550,000. The sale proceeds will be used for general corporate purposes.
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Chariot (AIM: CHAR), the Africa focused energy company, announces that it has disposed of its water business as it focuses on its core interests within the Power division in electricity trading and generation projects across southern Africa.
The water business primarily held the proof-of-concept desalination project in Djibouti. The business was held through Chariot's stake in a subsidiary, Oasis Water Platform, which has now been sold to AquaNexus Holding.
Sale consideration of US$435,000 in cash has been received and will be used for general corporate purposes.
About Oasis Water Platform
Prior to the transaction described in this announcement, Chariot held 80% interests in Oasis Water Platform and its subsidiaries (together, the "Water Business"), through which the Company held a stake in a proof-of-concept desalination project in Djibouti.
In the year to 31 December 2024, the Water Business generated revenues of US$162,000 and a loss of approximately US$100,000 after deduction of recurring operating and administrative expenses. At 31 December 2024, the book value of the Water Business within property, plant and equipment was US$550,000 (implying a book value of US$440,000 for Chariot's 80% stake).
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.