Guinness Peat agrees to sell stake in Australian property developer CIC to Peet for A$15 mln

Wed, 10 Apr 2013

April 10 (BusinessDesk) – Guinness Peat Group, the investment company liquidating its holdings, has agreed to sell 19.9 percent of ASX-listed property developer CIC Australia to Peet Ltd for about $15 million. Peet today announced a cash takeover for all the shares in CIC for 60 Australian cents apiece or A$76 million, it said in a statement to the ASX. CIC has seven active projects in Australian Capital Territories, New South Wales, South Australia and the North Territories worth A$148 million. “GPG intends to accept the bid for its entire...

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