Niko Gains on Asset Sale Discussions: Calgary MoverJeremy van Loon
Niko Resources Ltd., the Canadian oil and natural gas explorer with operations in Bangladesh, Pakistan and India, rose the most in three months after saying it’s in negotiations to sell C$157 million ($154 million) worth of assets.
The shares gained 10 percent to C$5.82 at the close in Toronto, the most since Dec. 27. The stock has declined 45 percent this year.
Niko is in “advanced negotiations” with two potential buyers, the Calgary-based company said today in a statement. It aims to complete the agreements by the end of next month.
The company may exit some national markets as it completes the sales process, Chief Financial Officer Glen Valk said in a phone interview. He declined to say which assets are being sold.
Niko also operates in Madagascar, Trinidad and Indonesia, according to the company website.