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 is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including 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 in financial planning for over six years with leading wealth managers and in real estate.