Australian mall owner Centro puts itself on auction block
Australia's second-largest shopping centre owner Centro on Wednesday said it was putting itself up for sale as it reviews its operations in the wake of the global credit crunch.
By Agencies |
SYDNEY: Australia's second-largest shopping centre owner Centro on Wednesday said it was putting itself up for sale as it reviews its operations in the wake of the global credit crunch.
Centro chairman Brian Healey said the company had received a significant number of unsolicited expressions of interest in recent days and had decided to ask potential bidders to substantiate their offers.
"As part of the strategic review process, Centro is now seeking expressions of interest for key alternatives available to it," Healey said in a statement to the Australian Stock Exchange.
"This will enable interested parties to substantiate their interest and for all such proposals to be evaluated from the perspective of the best interests of Centro shareholders."
Centro's shares plunged more than 90 per cent in mid-December after it said it was considering asset sales because securing financing was difficult in the tight credit market.
The shares later recovered some lost ground after Centro issued a statement assuring investors it remained viable but its stock price remains well below the 5.60 dollar (4.91 US) level reached before its woes became public.
Centro shares were up nine cents or nine percent at 1.10 dollars at midday Wednesday in a rising overall market.
Centro chairman Brian Healey said the company had received a significant number of unsolicited expressions of interest in recent days and had decided to ask potential bidders to substantiate their offers.
"As part of the strategic review process, Centro is now seeking expressions of interest for key alternatives available to it," Healey said in a statement to the Australian Stock Exchange.
"This will enable interested parties to substantiate their interest and for all such proposals to be evaluated from the perspective of the best interests of Centro shareholders."
Centro's shares plunged more than 90 per cent in mid-December after it said it was considering asset sales because securing financing was difficult in the tight credit market.
The shares later recovered some lost ground after Centro issued a statement assuring investors it remained viable but its stock price remains well below the 5.60 dollar (4.91 US) level reached before its woes became public.
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Centro shares were up nine cents or nine percent at 1.10 dollars at midday Wednesday in a rising overall market.
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