11 Apr 2013

GPG agrees to sell stake in CIC Australia

7:51 am on 11 April 2013

Guinness Peat Group says it has a pre-bid agreement to sell its 20% stake in residential property developer CIC Australia for $A15 million.

Australian property developer Peet has launched a $76 million takeover bid for CIC.

CIC's directors have recommended the offer to shareholders in the absence of a higher bid.

The sale is further progress in GPG's plan to sell all its other assets and concentrate on its major investment the Coats threads business.