Mission NewEnergy sells Malaysian biodiesel plant for US$11.5 million

In Malaysia, Mission NewEnergy Limited announced its wholly owned subsidiary Mission Biotechnologies Sdn Bhd (MBTSB) has completed the sale of its 100,000 tpa biodiesel refinery to Felda Global Ventures Downstream Sdn Bhd for US$11.5 million as announced on 17 April 2013. MBTSB will utilize the entire proceeds from the sale to reduce loans from the holding company which in turn will be used by the holding company to reduce borrowings at the group level leaving a small amount to fund the group’s general working capital. With the sale, MBTSB will cease to have any operations and become a dormant company.