Shed Holdings Pty Limited, a wholly owned subsidiary of Oldfields Holdings Limited (OLH) has signed an unconditional contract for the sale of its property at 6 Christie Street, St Mary’s NSW to an undisclosed purchaser. The sale price is $2.2 million which is equal to the written down book value of the asset. Cash from the sale will be directed to debt reduction. Total borrowings for the group in June 2009 were $23.4million, following the settlement of this transaction, borrowings will be approximately $14 million. The sale is part of a strategy to reduce non-core asset holdings and focus on core business.
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