Automotive Holdings Group Limited
21 Old Aberdeen Place
West Perth WA 6005
www.ahgir.com.au
ABN 35 111 470 038
ASX / MEDIA ANNOUNCEMENT
6thJune 2019
SALE OF MOTORCYCLE BUSINESS
Automotive Holdings Group Limited (ASX: AHG) advises shareholders the Company has agreed to sell its interest in Motorcycle Distributors Australia Pty Ltd (MDA) to the Austrian-based company KTM Sportmotorcycles GmbH (KTMS).
AHG currently owns a 74% interest in MDA and its subsidiaries which import and distribute KTM and Husqvarna motorcycles across Australia and New Zealand. KTMS holds 26% of the business and will assume 100% ownership on completion of the sale.
The trading result for the MDA business in the ten months to the end of April 2019 was a PBT loss of ~$1.4 million.
The transaction values the total business at approximately $18 million. The final consideration and cash proceeds to AHG (for its 74% share) will be subject to determination of working capital and other asset valuations at settlement, expected in July 2019.
It is not expected to impact the current takeover bid from AP Eagers.
ENDS
Corporate: | Media: |
David Rowland | David Christison |
Company Secretary | Group Executive Corporate Communications |
Mobile: 0421 661 613 | Mobile: 0418 959 817 |
Email: drowland@ahg.com.au | Email: dchristison@ahg.com.au |
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Automotive Holdings Group Limited published this content on 06 June 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 June 2019 09:12:06 UTC