SINGAPORE (July 16): Rex International says that its indirect wholly-owned subsidiary, Rex Caribbean Holding Limited (BVI) and the other shareholders in Steeldrum Oil Company will be divesting their respective stakes in Steeldrum to Columbus Energy (St Lucia).

Columbus is the parent company of Columbus SL and is listed on the AIM market operated by the London Stock Exchange (LSE).

Rex holds a 25.72% stake in Steeldrum and will receive US$1.47 million ($2 million) for its stake.

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