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Genesis Energy sells Pólus Kincs subsidiary for HUF 1.35 bln

Genesis Energy, which owns units building solar panel plants in Hungary, Spain and Singapore, sold a Hungarian subsidiary, Pólus Kincs, for HUF 1.35 billion on December 30, the company announced evening. The buyer was not named.

Genesis Energy said that the company and 100%-owned unit Pólus Szikla Kft sold Pólus Kincs, which the Genesis Energy Group acquired via in-kind contribution earlier in 2010, in order to streamline the group's operations and cut costs.

Pólus Kincs, whose registered capital is identical to the sale price, last year won HUF 855 million in government support through the Economic Development Operative Program along with the Rudagipsz-Mix Zrt for a HUF 2.3 billion investment to build an auxiliary surface-mining facility.

Pólus Kincs sustained losses of HUF 44.8 million in the first nine months of 2010.

Genesis Energy shares trade in the B-category at the Budapest Stock Exchange. (MTI – Econews)