Guinness Peat sells down assets

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

Relevant offers

Industries

Dancing Sands toasts success from Kiwi products Mark Hotchin returns to New Zealand but critics say Hanover investors unlikely to forgive From urban planning to underwear: Confitex co-founder Mark Davey Top of the south working group advocates seek focus in fishery preservation 1MBD scandal: Judge allows Malaysian businessman tussling for $370m in seized assets to take control of NZ trusts Z Energy to help get curious drivers behind the wheel of an EV BNZ internet banking outage: Customers unable to bank online Quirky QT hotel brand coming to Queenstown More than 500 job losses as more Pumpkin Patch stores to close Rolls-Royce emerges tarnished, but lucky despite NZ$1.15b fine

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