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S.Africa's Barloworld sells Australian auto unit for R1.3 bln
April 1, 2014 / 9:38 AM / 3 years ago

S.Africa's Barloworld sells Australian auto unit for R1.3 bln

April 1 (Reuters) - South African transport group Barloworld Ltd said on Tuesday it has sold its Australian auto retail unit for 1.3 billion rand ($124 million).

Barloworld, which had seven auto showrooms in Sydney and Melbourne, said it would used the cash to pay down debt and fund growth opportunities.

The deal - first announced last month - is effective March 31, 2014.

Shares in Barloworld were up 0.6 percent at 110.99 rand, largely in line with the JSE All-share index. (Reporting by Tiisetso Motsoeneng; editing by David Dolan)

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