Engenco (ASX:EGN) sell rail wagon fleet

Company News

by Rachael Jones

Industrial engineering services group, Engenco (ASX:EGN) is pleased to announce that its subsidiary, Gemco Rail has crystallised an unconditional sale agreement to sell its remaining rail rental wagon fleet.

This transaction completes the disposal of the wagon rental fleet after having previously announced the sale of approximately two-thirds of the wagons in FY19.

The sale will be finalised in December 2020. The net sale proceeds of just over $3.8 million will be reinvested into the company.

Shares in Engenco (ASX:EGN) closed 1.03 per cent higher at $0.49 yesterday.