Guinness Peat sells down assets

CLAIRE ROGERS
Last updated 11:04 03/01/2013

Relevant offers

Industries

TVNZ to require registration for OnDemand services Lower business confidence a reality check: ANZ Tapanui sawmill worker injured Profits flow for winemaker Building consents at six-year-high Mercer Group slides into the red Scales Corp profit beats prospectus Kiwibank boosts NZ Post profit TVNZ profit heads higher Indonesian telco eyes 2degrees stake, reports

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.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content