Ariadne Australia Sells Interests in Port Macquarie, Batemans Bay Marinas

Ariadne Australia Limited (ASX:ARA) has announced that it has completed the sale of its interests in both the Port Macquarie and Batemans Bay marinas.

In a disclosure to the Australian Securities Exchange (ASX), Ariadne Australia Limited executive director Gary Weiss said the sale of Port Macquarie and Batemans Bay marinas was for $3.5 million and in line with book value.

As part of the transaction, the bank debt associated with the Port Macquarie marina was repaid, further reducing the group’s overall financial leverage.

Ariadne Australia Limited is an investment company listed on the Australian Securities Exchange (ASX:ARA), with operations in Australia and New Zealand.

The Company is engaged in investing in securities, car parking, financial services, property and maritime operations.

Ariadne’s objective is to hold a portfolio of assets and investments in order to provide attractive investment returns, which can generate dividends to shareholders and capital growth in the value of the shareholders’ investments. – BusinessNewsAsia.com

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