SHARES in investment company Allco HIT have been placed in a trading halt pending an announcement about the proposed sale of its New Zealand property finance business.
"This is a major transaction which may have a material effect on the share price,'' Allco HIT said in a statement.
It expects to make an announcement before the close of business today.
Allco HIT has been holding talks on the possible sale of Strategic Investment Group, the parent of Strategic Finance, to a consortium since June.
The consortium comprises Strategic Finance's original owners, senior management and BOS International Australia, a unit of HBOS Australia Group.
Allco HIT agreed indicative, non-binding terms with the parties in July, ahead of potential formal offer subject to the completion of due diligence.
allco hit ltd trading halt
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