Imdex sells remaining Sino stake
UPDATE 2.25pm: Drilling fluids company Imdex says it has booked a $14.2 million profit on the sale of its remaining stake in Sino Gas and Energy.
The company said it had sold 91.9 million shares via a bookbuild at a price of 18.5 cents, generating $17 million.
The sale represents a handsome $14.2 million profit on the company's original investment.
"The sale proceeds will further strengthen Imdex's cash position and provide additional financial flexibility as the company continues to execute its growth strategy in full-year 2015 and beyond," the company said in a statement.
Imdex was a founding shareholder in Sino but has been gradually selling down its 22 per cent stake in the company since September last year.
Sino floated in 2009 at 25 cents a share. It is developing a world-scale unconventional gas project in China.
Imdex shares closed steady at 67 cents while Sino shares were off 0.5 cents, or 2.5 per cent, at 19.5 cents.
