Update re Italy Sale Proceeds
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Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces an acceleration of receipt of a portion of the proceeds from the disposal of the Group's Italian natural gas portfolio.
The Company sold its Italian natural gas portfolio as previously announced by the Company during the course of 2023 and 2024 (the "Disposal"). The Disposal includes a monthly payment to the company of Euro 42,750 through to November 2025 and a final payment of Euro 26,750 in December 2025. All monthly payments have been received to-date.
The Company has today signed an agreement to accelerate the next 9 months payment in exchange for a 22% discount on those payments. Hence the Company will now receive Euro 150,000 on June 14 2024 and a further Euro 150,000 thirty days later. The monthly payments will restart from April 2025.
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