Woolworths Limited
(ASX:WOW) has divested its 8.8 per cent interest in The Warehouse Group for $NZ86.9 million or $AUD84.1 million.
The Australian supermarket giant sold 30.5 million shares in the New Zealand retailer yesterday for $NZ2.85 per share to the privately held James Pascoe Group.
Woolies says it decided to divest the stake because the investment was no longer required as part of its New Zealand strategy.
The news comes less than a week after the company downgraded its full year profit growth guidance to about 1.8 per cent.
Woolworths last week reported its net profit fell to $1.28 billion in the first half of the 2015 financial year.
