Business Services Industry
AUSTRALIA'S ERG BELIEVED TO HAVE SOLD STAKE IN DOWNER EDI.
AsiaPulse News, July, 2002
BRISBANE, July 10 Asia Pulse - ERG Telecommunications Pty Ltd (ASX:ERG) is believed to have sold its stake in engineering services company Downer EDI Ltd last night.
Just before 1800 AEST, broking house UBS Warburg sold 27 million Downer EDI shares, the bulk of which is believed to be on behalf of ERG.
The special trade line put through by UBS Warburg at 66.3 cents per share.
ERG was on Downer EDI's register holding 22.2 million shares but received another 2.2 million on July 1, a broker said.
Downer EDI company secretary Geoff Bruce told AAP tonight that the sale was good for the Sydney-based company.
"I understand the majority of the parcel was ERG. From our perspective the market overhang that was created by ERG potentially...
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