GPG sells ASX-listed Capral stake for A$85.3M
Feb. 7 (BusinessDesk) - Guinness Peat Group, the investment firm liquidating its portfolio, has sold out of ASX-listed aluminium fabrication group Capral for some A$85.3 million.
Founded by Sir Ron Brierley, GPG sold its entire 47.4 percent stake to Australian investors and institutions at 22 Australian cents apiece, Capral said in a statement. Its shares jumped 6.5 percent to 24.5 Australian cents in trading today.
"This change in the ownership structure of the company removes the uncertainty surrounding the realisation of GPG's investment portfolio as it relates to its investment in Capral," chairman Rex Wood-Ward said.
GPG has been selling assets in a plan to return capital to shareholders, and ultimately aims to rebrand itself as its biggest asset, UK threadmaker Coats.
Its shares, which are listed in New Zealand, Australia and the UK, were unchanged at 60 cents on the NZX. The stock is rated an average outperform, based on six analyst recommendations compiled by Reuters, with a median target price of 65.5 cents.