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 presents the Market Outlook on Monday and Friday. She joined FNN in January 2017. She has been in broadcast journalism for over five years. She has worked as journalist with Sky News Business, ABC 1 and ABC24. She has also worked in regional Australia for Prime 7 and WIN News. She is also a qualified financial planner and a Masters of Applied Finance student.