Mission NewEnergy sells biodiesel refinery in Malaysia

Mission NewEnergy announced that its wholly owned subsidiary, Mission Biotechnologies Sdn Bhd (MBTSB), has completed the sale of its 100,000 ton per annum biodiesel refinery in Kuantan Port, East Malaysia, to Felda Global Ventures Holdings, in a deal valued at USD11.5 million.
With the sale, MBTSB will cease to have any operations and become a dormant company.
The sales proceeds will be used to reduce debt, leaving a small amount for working capital.
The company is also planning to sell its stake in its Indonesian downstream palm oil joint venture.
The company, after failing to reach a settlement with KNM Process Systems in relation to handover and final acceptance, its second 250,000 ton per annum biodiesel plant in Malaysia remains under care and maintenance.
(October 12, 26, 2013)