Services group Falkland Islands Holdings has reduced its stake in Falkland Oil and Gas Ltd, the oil and gas exploration company focused on licence areas to the South and East of the Falkland Islands.
FIH has sold three million shares in FOGL representing 20% of its holding and 2.1% of the issued share capital of FOGL.
FIH's still retains 12 million shares in FOGL representing 8.2% of the enlarged issued share capital.
The shares were sold for £3.58m generating a profit of £3.1m for FIH.
The funds will be used in FIH's existing businesses and will provide flexibility to take advantage of opportunities particularly in the Falkland Islands.
Story provided by Business Financial Newswire
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