City Pacific to sell financial services business

financial services business property funds management australian securities exchange

5 December 2008
| By Amal Awad |

City Pacific has entered into an agreement to sell its financial services business, City Pacific Finance, to OneLend Corporation.

City Pacific, which provides diversified financial services, executed a conditional agreement for a sum of $2.2 million, settlement for which is expected to occur on December 12 this year.

City Pacific said in a statement to the Australian Securities Exchange that the company would still focus on funds management and property as it “continues to actively promote and negotiate with a number of interested parties in respect to the company’s other financial services subsidiaries”.

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