Brief: Foraco International Exits Russia

Foraco International SA

05/04/2023 11:44

April 5 (Reuters) - Foraco International SA  FAR.TO :
    * FORACO INTERNATIONAL EXITS RUSSIA
    * FORACO INTERNATIONAL SA - SIGNED A PRELIMINARY AGREEMENT
WITH
ITS PARTNERS TO DISPOSE OF ITS PARTICIPATION IN RUSSIA
    * FORACO INTERNATIONAL SA - FORACO WAS PRESENT IN RUSSIA
THROUGH A
50% STAKE INTO EASTERN DRILLING COMPANY
    * FORACO INTERNATIONAL SA - FORMALLY AGREED WITH ITS RUSSIAN
PARTNERS TO SELL THEM 100% OF ITS SHARES IN EDC
    * FORACO INTERNATIONAL SA - TRANSACTION IS SUBJECT TO
RUSSIAN
AUTHORITIES APPROVAL WHICH IS EXPECTED TO TAKE PLACE DURING Q2
OF 2023
    * FORACO INTERNATIONAL SA -  RUSSIAN AUTHORITIES APPROVAL
FOR EXIT
IS EXPECTED TO TAKE PLACE DURING Q2 OF 2023
    * FORACO INTERNATIONAL SA - AGREEMENT ONCE EXECUTED FORACO
EXPECTS
IMPAIRMENT AND OTHER NON-CASH RECURRING CHARGES OF ABOUT US$ 0.8
MILLION

Source text for Eikon:  ID:nCNWjk56ja 
Further company coverage:  FAR.TO 

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