- Foraco International announced the completion of the sale of its shareholding in its subsidiary, EDC Russia
- The global provider of mineral and water drilling services announced its definitive exit from Russia, with the sale of its shareholding in EDC Russia, a transaction that has received approval from the Russian authorities
- EDC contributions to Foraco’s consolidated revenues were US$3.8 million and US$3.5 million respectively in Q1 and Q2 2023, for a net income close to nil for the first half of 2023
- Foraco International stock opened trading at C$2.87 per share
Foraco International (TSX:FAR) announced the completion of the sale of its shareholding in its subsidiary, EDC Russia.
The global provider of mineral and water drilling services announced its definitive exit from Russia, with the sale of its shareholding in EDC Russia, a transaction that has received approval from the Russian authorities. This deal results in a marginal net profit for the company.
On April 5 2023, the company entered into a preliminary agreement to sell its 50 per cent stake in the subsidiary to its Russian partners.
According to its unaudited condensed interim consolidated financial statements for the three‐ and six‐month periods ending June 30, 2023, EDC contributions to Foraco’s consolidated revenues were US$3.8 million and US$3.5 million respectively in Q1 and Q2 2023, for a net income close to nil for the first half of 2023.
Based in Marseille, France, Foraco International is the third largest global mineral driller providing innovative solutions for mining and water projects across 22 countries and five continents.
Foraco International SA stock opened trading at C$2.87 per share and has risen 59.44 per cent since this time last year.
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