The Managing Board of OTI Greentech AG (WKN A0HNE8), with the approval of the Supervisory Board, is in talks with Visionaire Invest AS (a shareholder in OTI Greentech AG) concerning a potential sale of all business units in Norway and West Africa. The parties are discussing the possibility of a potential sale of Visionaire Energy AS, RADA Engineering & Consulting Bergen AS, VTT Maritime AS, as well as the West-African subsidiary, VTT Maritime West Africa Ltd. These companies have in the past had a negative impact on Group profit & loss results and capital resources. Having reviewed updated business forecasts for each of these business units, the Managing Board does not expect this situation to improve in the near future.
Subject to a successful outcome of the negotiations concerning a potential sale, the OTI Greentech group will focus on the profitable business units OTI Greentech Technical Solutions and Uniservice Unisafe, as well as the Joint Venture with KMI Cleaning Solutions, one of the largest providers of chemicals and equipment for tank cleaning in the USA and Canada.
The proposed sale is anticipated to reduce OTI Greentech group debt substantially to around EUR 4.0m (including the outstanding convertible bonds of EUR 2.9m). The Managing Board is convinced that the sale and resulting further optimisation of the group structure and reduction in costs combined with the focus on profitable business units will result in a significant improvement in future EBITDA results of the Group.
The Supervisory Board has today appointed Joe Armstrong, former COO of OTI Greentech, as CEO. He replaces Johnny Christiansen, Managing Partner of Visionaire Invest AS, who today stepped down as CEO of OTI Greentech AG. Johnny Christiansen will remain a member of the Managing Board pending the completion of the proposed transaction.