SOCO said it “remains committed to a strategy of shareholder value creation”.
SOCO International Plc told investors that it has withdrawn from talks with Kuwait Energy.
The company, in a statement, said it “could not reach agreement with Kuwait Energy on the basis for an acceptable transaction.”
It added that it remains committed to a strategy of shareholder value creation, through sustainable cash returns and growth, and it continues to evaluate opportunities.
“The SOCO team, which has a track record of delivering shareholder value through asset acquisition and monetisation, delivering large scale developments, and returning capital to shareholders, evaluates M&A opportunities with reference to strict strategic, financial and operational criteria and only pursues transactions if they are determined by SOCO’s board to be in the best interest of shareholders,” the company added.
SOCO shares gained 3.26% in Monday’s early deals to change hands at 95p.
(Source: Proactive Investors)