Utilico sells rest of airport stake

The company owned the shares following the sale of a stake in Airport Group International for $25.9 million. The sale consideration included 7.65 million TBI shares valued at $22.209 million or around $2.90 a share.

Utilico sold 1.6 million of the shares in June last year at an average market price of 63.4 pence per share however the latest sale is at a considerably better price, with the company divesting another 6 million at an average price of 80.6 pence per share.

That's also higher than the December book value of 64 pence although at the converted price of $2.70 remains below the original value.

Utilico International says its present net asset position, excluding any provision for taxation, includes $23.6 million of cash and receivables, $5.8 million for CSX World terminals Brisbane and $100,000 of other investments for a total of $29.6 million.

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