Jennings holding sold
NZPA-AAP Sydney Chase Corporation and its Australian subsidiary, Jonray Holdings, Ltd, have announced the sale of their combined 18.25 per cent holding in Jennings Industries, Ltd, for 545.35 M. The sale to an undisclosed buyer provided a gross profit of more than $7.5M before
servicing costs. The 18.25 per cent stake in the construction group was built up last year to provide a possible base for expansion and establishment of Chase Corporation, Ltd, Australian property activities. Chase Corporation said it approached Jennings last December about co-operation
in property activities, but this approach was rebuffed. Since then Chase has pursued other opportunities in Australia and last week announced the merger of the property development operations of Jonray Holdings, Ltd, with Property Estates, Ltd, to form a specialist property development operation.
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Press, 28 February 1986, Page 16
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132Jennings holding sold Press, 28 February 1986, Page 16
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