Ariadne completes sale of stake in Secure Parking

Company News

by Jessica Amir

Investment company, Ariadne Australia Limited, (ASX:ARA), has completed the sale of its 50% stake in Secure Parking for $75 million.

The company says the sale will have a positive impact on its 2017 financial year results, as the transaction was above Secure Parking's $11 million book value at 30 June 2016.

Ariadne says it will likely invest the sale proceeds into income producing assets that are in line with its investment strategy.
Excluding the sale, Ariadne says its net profit after tax will be $5.4 million for the half year ending 31 December 2016. For the previous corresponding period, the company’s net profit was $3.8 million.

Ariadne posted a net profit $12.6 million at 30 June 2016.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She was a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked as a financial planner and real estate agent.