Transpacific Industries Group Limited (ASX:TPI) says it will consider the resumption of dividends after inking a deal to sell its New Zealand waste management business for about $880 million.
A Chinese state owned infrastructure enterprise named Beijing Capital Group has purchased the business and, subject to regulatory approvals, the deal is expected to be finalised by the end of June 2014.
Transpacific CEO Robert Boucher says the sale will give the company increased flexibility as it looks to enhance its Australian waste management business, focus on long term growth opportunities and generate improved returns.
The company has advised proceeds from the sale will also allow it to redeem the Step-up Preference securities, refinance debt and fund future investments.
Transpacific Industries Group boosted its net profit by 391 per cent to $167 million in the first half of the 2014 financial year.
