AUCKLAND – Tourism Holdings Limited (THL) has conditionally sold its 49 percent shareholdings in InterCity Holdings Limited for NZ$9.5 million to its joint venture partners.
Grant Webster, CEO for THL, said that whilst the business, which
operates the Fullers & Kings tourist boat operations in the Bay of Islands and the InterCity bus network and Great Sights / Newmans coach networks, is an excellent business, it was not core to THL’s operations and the sale provides the business a single committed shareholder.
THL will book a loss on the sale of its shareholding in the order of $3.7m which will be included in the December half-year results.
The proceeds from the share sale will be used to reduce debt.
Meanwhile, THL has completed a five-year extension of its licence to operate the Waitomo Glowworm Caves from 2022 until 2027 alongside the owners, the Ruapuha Uekaha Hapu Trust, and the Department of Conservation.
