Country Club jumps 9% as firm plans asset sale to pay debt

NEW DELHI: Shares of Country Club Hospitality & Holidays shot up nearly 9 per cent on Wednesday after the company informed stock exchanges that its board has decided to sell its assets in a bid to cut debt.

The stock rose 8.74 per cent to end the session at Rs 13.81 on BSE.

In a filing to BSE, the company said, “Country Club Hospitality & Holidays' board has approved to sell, liquidate, transfer or lease back or dispose such assets which add limited value to the operations and profitability of the company, for the purpose of debt reduction.”

The stock has risen 9.3 per cent in last one year, compared with 44 per cent rise in shares of Mahindra Holidays.

The company reported net loss of Rs 2.24 crore in the March quarter. It reported a profit of Rs 0.91 crore in the same quarter last year. Net sales for the quarter fell 19 per cent to Rs 66.56 crore.