GPG nets A$48.4M in sale of ASX-listed Capral, AV Jennings
Feb. 8 (BusinessDesk) - Guinness Peat Group, the investment firm winding itself down, netted A$48.4 million from the exit of two Australian investments this week.
The company sold its 47 percent stake in aluminium fabrication group Capral and its 7.7 percent holding in property group AV Jennings in on-market sales, it said. The Capral investment was sold for A$40.4 million at 22 Australian cents apiece while AV Jennings went for A$8.3 million at 39 cents apiece, according to substantial shareholders notices on the ASX.
Capral was one of GPG's bigger investments, and the investment firm was forced to take a 37 million pound writedown on the Australian company when the global financial crisis hit in 2008.
"GPG will continue to keep shareholders informed of further developments in relation to its investment portfolio," the company said.
Capral shares rose 8.7 percent to 25 Australian cents yesterday, while AV Jennings stock climbed 10 percent to 44 cents. Shares in GPG were unchanged at 60 cents on the NZX yesterday.
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.