Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/dong-sells-its-share-of-the-water-and-district-hea.shtmlDONG sells its share of the water and district heating activities in EnergiGruppen Jylland
DONG Energy has decided to sell its 65.6 per cent ownership (owned via DONG EGJ A/S) of the water and district heating activities in EnergiGruppen Jylland to EnergiMidt.
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DONG Energy has decided to sell its 65.6 per cent ownership (owned via DONG EGJ A/S) of the water and district heating activities in EnergiGruppen Jylland to EnergiMidt.
The other owner, the Municipality of Herning, will keep its share of the activities, which will continue in a separate company. At the same time, DONG Energy and the Municipality of Herning are selling the development company EGJ Udvikling A/S to EnergiMidt.
The total price of the shares affected, amounts to approx. DKK 186 million (100%). The price of DONG Energy's part of the divested shares totals approx. DKK 108 million.
The remaining activities within combustion and biogas in EnergiGruppen Jylland will be continued by the Municipality of Herning and DONG Energy in the company EnergiGruppen Jylland F&B.
This agreement adds to the focus of DONG Energy's activities and ensures a good continuation of the water and heating activities within EnergiGruppen Jylland, in cooperation between the Municipality of Herning and EnergiMidt.
The sale is expected to be finalised in the second half of 2008 and causes an accounting profit before minority interests of approx. DKK 90 million, which will be recognised in the 2008 income statement. The accounting profit after minority interests amounts to approx. DKK 45 million.
