Sound Energy offloads Italian subsidiary

Market info
Market info

London-listed Sound Energy has completed the sale of its Italian subsidiary to Coro Energy, previously named Saffron Energy.

As part of the deal, Sound Energy shareholders have been issued with 185.9million new ordinary shares in Coro.

The new shares represent 25.9% of the enlarged share capital of Coro, which was re-admitted to trading under its new name this morning.

Sound Energy is focused on upstream activity in Morocco.