Investment company, Ariadne Australia Ltd
(ASX:ARA), has entered into a conditional contract to sell 50% of its stake in parking business, Secure Parking.
Ariadne will sell this asset for around $75 million to a few parties, including the Park24 Co Ltd, which is listed on the Tokyo Stock Exchange.
The company expects this transaction to complete on 6 January 2017, and have a positive and material impact on its FY17 results.
Ariadne also says the half-year net profit before tax (attributable to members), excluding this transaction, should be in range of $4.4 million to $5.4 million.
Ariadne posted a net profit of $12.6 million at 30 June 2016.
