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Cardia Bioplastics Ltd Announces Sale Of Equity Interest In P-fuel Limited

Monday, 18 Nov 2013 07:07pm EST 

Cardia Bioplastics Ltd that it has sold its equity interest in P-Fuel Limited for $35,000 resulting in loss of $91,753 to its book value. Cardia held 5,250,000 ordinary shares in P-Fuel Limited representing 5.2% of the issued capital of P-Fuel. Disposal of equity interest in P-Fuel Limited is in-line with the new Cardia Board’s strategy to focus business resources on accelerating Cardia Bioplastics sales and dispose off non-core assets. The funds raised from the sale will be utilised for working capital purposes. 

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