The purchase price was nominal, as the business was still in its start-up phase
The purchase price was nominal. (Credit: Adam Radosavljevic from Pixabay)
Just Energy Group Inc. (“Just Energy” or the “Company”) today announced that it has sold all of the shares of Just Energy Japan KK (“Just Energy Japan”) to Astmax Trading, Inc. The purchase price was nominal, as the business was still in its start-up phase with more liabilities than assets and had fewer than 1,000 customers.
“The sale of Just Energy Japan further exemplifies the Company’s commitment and focus to optimize the organization and concentrate on its North American operations,” said Scott Gahn, President and Chief Executive Officer of Just Energy. “The sale eliminates ongoing funding requirements for the Japanese business, as we continue to focus on our business continuity plans during these unprecedented times and on the health and safety of our employees, customers and communities.”
Source: Company Press Release