Czech-based NWR sells coke subsidiary for €95 million

Czech-based coal miner New World Resources (NWR) has announced that it has agreed to sell its coke subsidiary OKK Koksovny, a.s. to the Czech-based METALIMEX Group. The consideration for OKK's disposal is €95 million, including €70 million for the transfer of NWR's entire shareholding in OKK and €25 million for the sale of some of OKK's coke inventory to METALIMEX.
 
NWR said that it intends to reinvest the net proceeds in its core business over the twelve months following the completion of the sales transaction.
 
In May this year, NWR announced its intention to divest OKK, expecting to cut down capital expenditure and wages by 10 percent.