Guinness Peat sells down assets

Last updated 11:04 03/01/2013

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Guinness Peat Group has sold off a swag of investments, including Australian sandstone quarry operator Gosford Quarry Holdings, for $36.5 million.

The investment holdings company, which is selling off its assets to return cash to shareholders, said it netted A$13.7m ($17.3m) from the sale of Gosford Quarry to All Australian Sandstone.

GPG has retained Gosford Quarry's Sydney property with a view to selling it later. GPG said the property was surplus to the Gosford business and had redevelopment potential. 

GPG also cashed in its shareholdings in Australian tin producer Metals X, Perth nickel exploration firm GME Resources, Nationwide Accident Repair Services in Britain, British broadcast technology company Sysmedia Group and electronics firm Touch Holdings. 

It said it had so far received $19.3m (£9.9m) from those divestments since the end of September, and expected to receive further cash - including through loan repayments - next year.  

GPG said in October it had realised half the value of its assets since it began cashing them in. It plans to rename itself after its main investment, British threadmaker Coats, once that becomes its primary remaining investment. 

GPG shares were priced at 59c on the NZX early this morning.

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