Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


GPG nets A$48.4M in sale of ASX-listed Capral, AV Jennings

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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news