Business Services Industry
CPI flags $5m loss and offloads trading business.
Australasian Business Intelligence, August, 2002
Jul 30, 2002 (The Australian Financial Review
ABIX via COMTEX) -- A corporate shake-up within Australian paper and imaging company, CPI Group, interests investors. The company's share price rose $A0.02 on 30 July 2002 to close at $A0.75, after CPI announced the sale of its trading business to National1 for about $A6.5 million. CPI will book $A3 million in charges from the deal, but it will free up $A10 million in cash. CPI has warned of a loss of more than $A5 million, given restructuring costs associated with the divestment. UBS Warburg retains its "buy" rating for the stock with a view to long-term gain.
Publication Date: 31 July 2002
CPI GROUP LIMITED - ASX CPI: NATIONAL 1 LIMITED - ASX NOL: UBS WARBURG AUSTRALIA LIMITED: UBS WARBURG:...
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