Turbo Power Systems to Get New Parent; Strategic Review Continues

LONDON--Turbo Power Systems Inc (TPS.LN) said Monday it's new parent company will be Brazilian mining company Vale S.A., although this won't impact its strategic review and possible sale, which is continuing.

The electrical machines and power electronic systems provider cautioned that there can be no certainty any potential transaction in relation to the company will proceed, or the terms of any such transaction.

The change of ownership in the company will follow the acquisition by Vale of Banco Nacional de Desenvolvimento Econômico e Social's interest in its current owner Vale Soluções em Energia S.A.

Additionally, Vale has bought the minority interest that Sygma Group S.A. had in Vale Soluções em Energia. Both share transfers are scheduled to complete this week, upon which Vale will be the ultimate parent company of Turbo Power Systems.

Shares at 0745 GMT up 0.03 pence, or 9.09%, at 0.3 pence in a 2.45% lower FTSE AIM index.

-Write to Ian Walker at [e-mail]; @IanWalk40289749

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August 24, 2015 04:05 ET (08:05 GMT)

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