Suncorp (SUN) today announced it has sold Hooker Corporation Limited (HCL) to a company led by Leslie Janusz Hooker, the grandson of the business’ founder, Sir Leslie Hooker. Suncorp will realise approximately $82 million from the sale of the HCL business, which includes the LJ Hooker real estate franchise business and the LJ Hooker mortgage broking business. This is comprised of $67 million cash for 100 percent of HCL and approximately $15 million cash from pre-completion dividends.
Suncorp Group Executive for Strategy and Corporate Services Stuart McDonald said the transaction represented an excellent outcome for Suncorp shareholders and the LJ Hooker business. Suncorp is to be commended for expanding the LJ Hooker network over the past decade, and I thank them for taking care of the business. “This expansion wil continue under my leadership, especially in terms of our international representation, given LJ Hooker already has a growing presence in the Asia Pacific region and my own extensive business experience in Asia, especially China.”
A one-off accounting profit of approximately $50 million before tax will be reported in Suncorp’s financial results for the half year to 31 December 2009.
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