Friday 23 March 2018

Shares in Origin up 6pc on news of marine oil stake sale

Peter Flanagan

Peter Flanagan

SHARES in Origin Enterprises rose more than 6pc yesterday, after the company said it would sell off its stake in a marine oil joint venture.

The Irish firm is to offload its 50pc share in the Welcon joint venture to its partner in the business, Austevoll Seafoods.

The deal is said to be worth about €93m at current exchange rates.

Assuming the deal is cleared by regulators, it will close in the second half of this year.

''The transaction represents an important streamlining of Origin’s business profile in line with our commitment to prioritise the allocation of capital for the expansion and development of the group’s agri-services business,'' said Origin boss Tom O'Mahony.

By noon, shares in Origin were up 6.7pc at €5.60.

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