Rubis rises on Rubis Terminal disposal talks

Rubis SCA

13/03/2024 09:23

** Shares in Rubis  RUBF.PA  rise around 2.6% after the
French liquid products distributor said it entered into
exclusive negotiations with I Squared Capital for the sale of
its 55% stake in the JV Rubis Terminal for 375 million euros
($409.84 million) 
    ** The company said it would return the 75 million euros
generated from the sale through an exceptional dividend of 0.75
euros per share 
    ** This follows the 2020 disposal of its 45% stake in the
terminal to the same buyer
    ** Portzamparc’s Nicolas Royot notes Rubis Terminal was no
longer the company’s core business
    ** The analyst adds the 300 million remaining after the
dividend payout will help finance the development of the
company's energy transition
    ** Among top gainers on French Blue chips index  .FCHI 
    
 

($1 = 0.9150 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))