re: Ann: Ceasing to be a substantial holder f...
Interesting money for the banks ??
PBB Advisory, the liquidator of construction company Hastie Group, has sold the latter’s Saudi Arabia joint venture to a private investor in the country for $16 million. According to the liquidator, there are reasonable grounds to believe there is no prospect that shareholders will receive any return on their shares in the failed construction and services provider.
It is said that potential recovery from the Hastie’s business in the Middle East is projected to happen in 2 or 3 years. The operations in the region have been partially blamed why the company entered liquidation.
The liquidator has been liaising with the Australian Securities and Investments Commission, which is conducting an investigation into potential duty breaches by the directors of the company based on the January creditors’ report of PBB. Source is http://www.dissolve.com.au/insolvency-news/liquidator-pbb-advisory-sells-hastie-groups-joint-venture-in-saudi/
HST Price at posting:
16.0¢ Sentiment: None Disclosure: Not Held
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