Ariadne to sell Secure Parking for $75 million

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.