Enevis Limited (ASX: ENE) wholly owned subsidiary Urban Lighting Group Pty Ltd has signed a binding agreement to sell its non-core street column business to Urban Lighting Group Australia Pty Ltd for gross consideration of $3.1 million.
The sale includes transfer of property, plant and equipment, the Urban Lighting Group name along with the usage of the logo of Urban Lighting Group for 12 months. The proceeds of sale, will be used for debt reduction and to fund working capital, is to be received in next 12 months, with initial payment of $1.8 million on January 31, 2020 and the remaining $1.3 million over the next 12 months.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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