Norcros completes sale of 18.51% stake in HRJ

HRJ India has purchased back its shares from the London-listed firm through a share buyback programme, Norcros said in a filing to the London Stock Exchange.     

HRJ Indian has paid a cash consideration of 3.7 million pound, net of costs and taxes which amounts to 4.1 million pound.     

"The disposal of HRJ India is consistent with the objective of improving our return on investment. Whilst targeting further reductions in our cost base, debt and associated interest costs, we will also continue to judiciously invest in both capital and revenue programmes to support the longer term development of the business, " Norcros Chairman John Brown said.     

Further the filing stated that the board's priority continues to be on managing the Group's cost base, whilst at the same time investing selectively in the business for future growth.     

The board would continue to actively focus on cash management and debt reduction and the disposal of the Group's investment in HRJ India for 3.7 million pound net of tax and costs is a helpful step in this regard, it added.