DJ CMG Cleantech S.A.: TO DIVEST AND UNWIND ITS ACQUISITION OF SUBSIDIARY, OCEAN POLYMERS LIMITED
CMG Cleantech S.A.
CMG Cleantech S.A.: TO DIVEST AND UNWIND ITS ACQUISITION OF SUBSIDIARY, OCEAN POLYMERS LIMITED
15-Oct-2024 / 10:52 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
=----------------------------------------------------------------------------------------------------------------------
[Paris, 15 October 2024] - CMG CleanTech S.A. ("CMG") has announced a strategic divestment of its subsidiary, Ocean
Polymers Limited. Ocean Polymers was acquired by CMG in November 2022. This move comes as Ocean Polymers is advancing
into the final stage of negotiations for power purchase and fuel supply agreements with the Government of Trinidad and
Tobago along with the necessity of constructing a power plant in Tobago that will convert waste into clean energy.
In order to effectively execute this project, Ocean Polymers requires a substantial capital raise. It is, therefore, in
both parties' best interest for Ocean Polymers to transition back to being a private legal entity. This transition will
provide greater flexibility and create a more favourable environment for the necessary fundraising activities.
Announcing the divestment, CMG's Directeur Général (CEO) Darren Taylor said: "We believe that allowing Ocean Polymers
to operate as a private legal entity, will better position Ocean Polymers to meet its financial and operational
objectives. We are committed to supporting them through this transition. The decision underscores CMG's dedication to
ensuring that its subsidiaries have the flexibility and resources needed to achieve their strategic goals."
CMG and Ocean Polymers will continue to collaborate and remain open to the possibility of merging again in the future.
About CMG CleanTech S.A.
Listed on the Euronext Paris Exchange, CMG CleanTech S.A. ("CMG") is driven by a strong, secure ESG strategy - to
develop the clean hydrogen and solar technology at its disposal and help countries, organisations and individuals
alleviate their environmental impacts and meet ambitious 2050 carbon neutrality goals.
https://www.cmgcleantech.com/
Contacts for IR and media enquiries:
pr@financialmedia.group
Franziska Grobler Financial Media Group
=----------------------------------------------------------------------------------------------------------------------
Regulatory filing PDF file
File: CMG CLEANTECH S.A. TO DIVEST AND UNWIND ITS ACQUISITION OF SUBSIDIARY, OCEAN POLYMERS LIMITED
=----------------------------------------------------
Language: English
Company: CMG Cleantech S.A.
6 place de la Madeleine
75008 Paris
France
E-mail: charlotte@unity-group.com
Internet: https://www.cmgcleantech.com/
ISIN: FR0013406881
Euronext Ticker: MLCMG
AMF Category: Inside information / Other releases
EQS News ID: 2008099
End of Announcement EQS News Service
=------------------------------------------------------------------------------------
2008099 15-Oct-2024 CET/CEST
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=2008099&application_name=news&site_id=dow_jones%7e%7e%7ef1066a31-ca00-4e1a-b0a4-374bd7d0face
(END) Dow Jones Newswires
October 15, 2024 04:52 ET (08:52 GMT)
© 2024 Dow Jones News
