Contact Energy Disposes Of E://Volution E-Business
12 May 2004
Contact Energy Disposes Of E://Volution E-Business Interests
Contact Energy has disposed of all its interests in online procurement business e://volution E-Business Limited.
Since acquisition, the results of e://volution have not been material in relation to the Contact Energy Group. The disposal will have a negative $300,000 after tax impact on the net surplus for the year ended 30 September 2004.
The 30 percent shareholding in e://volution was sold to Dynamic Commerce Limited for an undisclosed sum.
Contact took the decision to dispose of the shareholding as the investment no longer fits with Contact’s business model. Contact is continuing to use online procurement services from e://volution in its own operations.