Brief: Crown Energy Sells C-View Property In Luanda, Angola At Sales Price Of SEK 575 Mln

Crown Energy AB

30/04/2019 16:49

April 30 (Reuters) - Crown Energy AB  CRWEN.NGM :
    * CROWN ENERGY SELLS C-VIEW PROPERTY IN LUANDA, ANGOLA WITH
PROFIT
AT A SALES PRICE OF SEK 575 MILLION AFTER TRANSACTION COSTS AND
BEFORE TAXES AND INFLATION COMPENSATION
    * PROCESS WAS INITIATED DURING 2018 TO ANALYZE COMMERCIAL
OPTIONS
FOR C-VIEW PROPERTY
    * TRANSACTION WILL AFFECT VALUATION OF C-VIEW FIRST IN
SECOND
INTERIM REPORT 2019
    * TRANSACTION IS MADE IN ANGOLAN KWANZA AND PAYMENTS WILL BE
ADJUSTED WITH AN OFFICIAL INFLATION RATE
    * NEGOTIATIONS WITH ANGOLAN STATE HAVE BEEN GOING ON FOR
ABOUT SIX
MONTHS
    * TRANSACTION IS MADE IN ANGOLAN KWANZA AND PAYMENTS WILL BE
ADJUSTED WITH AN OFFICIAL INFLATION RATE
    * CROWN ENERGY - ANGOLAN MINISTRY OF FINANCE TO GAIN TITLE
OF
PROPERTY YEAR THREE AFTER HAVING PAID FULL PURCHASE PRICE IN SIX
SEMI-ANNUAL INSTALMENTS
    * TOTAL TRANSACTION PRICE, OF KWANZA 19,541 MILLION, WILL BE
CONVERTED INTO USD,DISTRIBUTED FROM ANGOLA TO PARENT CO, SHOULD
OPTION BE CHOSEN
    * C-VIEW PROPERTY IS FREE OF DEBTS

Source text for Eikon:  ID:nWkr1GH1VT 
Further company coverage:  CRWEN.NGM 

 ((Reuters.Briefs@thomsonreuters.com;))