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ORA - Orora News Story

A$2.9 0.0  0.4%

Last Trade - 5:10am

Sector
Basic Materials
Size
Mid Cap
Market Cap £1.80bn
Enterprise Value £2.47bn
Revenue £2.21bn
Position in Universe 128th / 1836

BRIEF-Orora Announces Sale Of Its Australasian Fibre Business For A$1,720 Mln

Thu 10th October, 2019 2:14am
Oct 10 (Reuters) - Orora Ltd  ORA.AX :
    * ANNOUNCES SALE OF ITS AUSTRALASIAN FIBRE BUSINESS FOR
A$1,720
MILLION
    * ENTERED INTO A BINDING AGREEMENT TO SELL ITS AUSTRALASIAN
FIBRE
BUSINESS TO A WHOLLY OWNED SUBSIDIARY OF NIPPON PAPER INDUSTRIES
    * ESTIMATED NET GAIN AFTER COSTS AND TAX IS A$225 MILLION
DUE TO
SALE
    * INTENDS TO RETURN IN VICINITY OF A$1,200 MILLION, BEING
MAJORITY
OF NET PROCEEDS, TO SHAREHOLDERS
    * EXPECTS TO RECEIVE NET CASH PROCEEDS FROM TRANSACTION OF
A$1,550
MILLION
    * "THERE MAY BE SOME REDUCTION IN ROLES REQUIRED TO SUPPORT
ORORA
GROUP ACTIVITIES GOING FORWARD"
    * TRANSACTION COMPLETION IS EXPECTED TO OCCUR IN EARLY 2020

Source text for Eikon:  ID:nASXMRPYN 
Further company coverage:  ORA.AX 

 ((Reuters.Briefs@thomsonreuters.com;))
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