Automotive Holdings sees sale of refrigerated business delayed

Company News

by Rachael Jones

Automotive Holdings Group (ASX:AHG) says that the previously disclosed sale of its Refrigerated Logistics business, a fully owned subsidiary of HNA Group will not complete by 30 June 2018.

Foreign Investment Review Board approval of the transaction has not yet been obtained by HNA International.

HNA International has informed AHG that FIRB's decision is now expected to be made on or about 29 June 2018.

HNA International has proposed amendments to certain terms of the transaction, including in relation to the provision of funding support by AHG, but the headline sale price remains unchanged.

Discussions in relation to these proposed amendments are incomplete and there is no certainty that any revised transaction will be agreed between AHG and HNA International.

Shares in Automotive Holdings Group (ASX:AHG) are down 1.96 per cent to $2.75
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.