(Adds details on stake sale and background in paragraphs 2-4)
March 8 (Reuters) - Asset manager Pacific Current Group (PAC) said on Friday its unit has sold a 4% stake in GQG Partners (GQG) for A$257.3 million ($170.3 million) via a block trade to institutional investors.
The stake sale at A$2.16 per share is at a 3.6% discount to GQG's last close on Thursday.
Pacific Current said it plans to use part of the proceeds for lowering debt and making new investments.
The stake sale comes months after the company ended buyout talks with GQG and River Capital, saying it did not receive any binding offers from the suitors.
GQG did not immediately respond to a request for comment. ($1 = 1.5113 Australian dollars)
News: GQG UPDATE 1-Australia's Pacific Current Group sells 4% stake in GQG Partners for $170 mln
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Last
$2.35 |
Change
0.040(1.73%) |
Mkt cap ! $6.940B | |||
| Open | High | Low | Value | Volume |
| $2.32 | $2.38 | $2.32 | $3.069M | 1.304M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 14776 | $2.34 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.37 | 21953 | 7 |
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| Last trade - 16.10pm 02/05/2024 (20 minute delay) ? |
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Last
$2.36 |
Change
0.040 ( 2.39 %) |
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| Open | High | Low | Volume | ||
| $2.34 | $2.38 | $2.32 | 1207054 | ||
| Last updated 15.59pm 02/05/2024 ? | |||||
| GQG (ASX) Chart |