30 Sep 2013

Another asset sold by GPG

12:10 pm on 30 September 2013

Guinness Peat Group has sold the last of its assets outside of the threadmaker Coats in a transaction expected to yield just over $118 million in cash.

GPG has sold its entire 33.6% stake in the insurance company Tower at $1.70 per share, a discount of 10 cents to the market closing price on Friday.

First NZ Capital head of investment banking Rob Hamilton said the sale was through a fully-underwritten placement managed by his stock broking firm.