Asciano sells stake in Brambles

By: Jason Whittaker


Leading transport infrastructure company Asciano has sold its 48.7 million shares in Brambles to pay off debt and apply the

Leading transport infrastructure company Asciano has sold its 48.7 million shares in Brambles to pay off debt and apply the remainder to working capital.

The company sold its shares at a loss of $10.11 to a number of institutional investors.

Its stake in Brambles, the world’s largest supplier of pallets for shifting goods, represented about 0.33 percent.

Asciano Managing Director and CEO Mark Rowsthorn says the sale will pay out the company’s $406 million debt.

"The sale also allows Asciano to focus on our core businesses and on enhancing security holder value through continuing to apply our operating expertise and pursuing key growth initiatives within our existing operations," Rowsthorn says.

The move follows on from the decision in December by Asciano that it would sell down its stake to reduce debt.

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