LONDON - Global Connectivity PLC (AQSE: GCON), a company specializing in communication services, has announced a £100,000 investment in PLUG Group Limited. The investment comprises £50,000 in new shares and £50,000 in shares acquired from a PLUG founder, representing a 4% stake at a post-money valuation of £2.5 million.
PLUG Group is engaged in developing commercial processes to reclaim decommissioned copper cables, a service in demand by carriers such as Telefonica (NYSE:TEF) Brazil. The company holds exclusive rights in South America to employ a proprietary technology for cable extraction, originally developed by Fast2Fibre UK.
Dr. Keith Harris, Executive Chairman of Global Connectivity, expressed enthusiasm for the investment in PLUG, citing its focus on connectivity and communications, as well as its access to innovative technology and significant market potential in Brazil.
The transaction is part of Global Connectivity's broader strategy to enhance its portfolio with investments in technology enterprises that complement its core business. The company conveyed this development to its shareholders as a positive end to the financial year, marking a period of net asset growth.
The announcement is based on a press release statement and has been made public following regulatory requirements. The directors of Global Connectivity have taken responsibility for the contents of the announcement.
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