Investment company Guinness Peat Group
(ASX:GPG) has sold its stake in British pub operator Young & Co. for about $84 million.
The sale was completed through its fully owned subsidiary GPG Holdings. The move was in line with the strategy announced in February last year to orderly realise its investment portfolio.
Guinness’ chief says the stock was sold at a discount, below Guinness’ book value at the end of last year but says it was still a reasonable return to shareholders considering the previously illiquid nature of the shares.
Guinness Peat booked a net loss of $4.6 million for the year ended 31 December 2011.
