James Packer sells stake in Noni B

Company News

by David Chau

James Packer’s private investment company, Consolidated Press Holdings, has completely sold off its stake in womenswear retailer, Noni B (ASX:NBL).

Last August, Mr Packer’s company sold the Pretty Girl Fashion Group for at least $75 million, and emerged with a 10% stake in Noni B.

Noni B says Consolidated Press’ decision to sell its entire $10 million stake in the company was due to a “strategic refocus”.

Yesterday, shares in Noni B closed 1.28% higher at $1.58. The company posted a net profit of $2.5 million in 1H FY17.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.