GPG sells stake in ASX-listed Ridley Corp for A$54 mln in cash

Mon, 06 May 2013

By Paul McBeth May 6 (BusinessDesk) - Guinness Peat Group, which expects to rebrand itself as UK threadmaker Coats later this year, has sold its 20 percent stake in ASX-listed agri-products maker Ridley Corp. The London-headquartered firm expects to reap A$54 million in cash proceeds from the sale, adding the equivalent of some 34 million British pounds to the 129 million pounds it has generated from asset sales and capital returns this year. That would take total cash raised to 623 million pounds since GPG embarked on liquidating its portf...

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