Imdex Limited
(ASX:IMD) has sold 130 million shares in Sino Gas & Energy Holdings Limited
(ASX:SEH) for just over $24 million.
The shares were sold via a bookbuild to institutional and sophisticated investors at a price of 18.5 cents per share.
Imdex is a founding shareholder in Sino and recognises it is developing a world scale gas project in China.
The company says it has no intention to sell the remainder of its shareholding, which represents a 9.7 per cent interest in Sino.
The proceeds will put Imdex in a stronger cash position and allow it to pursue a number of growth opportunities.
Imdex generated a net profit of $19.4 million for fiscal 2013.
