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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Ampol Limited    ALD   AU0000088338

AMPOL LIMITED

(ALD)
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Ampol to sell 49% stake in convenience stores property trust for $489.40 million

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08/16/2020 | 09:00pm EDT

Australia's Ampol Ltd said on Monday it would sell a 49% stake in a property trust that owns convenience stores to Singaporean sovereign wealth fund GIC and Charter Hall Group for A$682 million ($489.81 million).

The sale comes months after a A$8.8 billion takeover of Ampol - formerly known as Caltex Australia - by Canada's Alimentation Couche-Tard was shelved as a result of the financial blow and plummeting fuel margins caused by the coronavirus crisis.

The country's biggest fuel supplier said the minority stake was in a newly created property trust which would own 203 convenience retail sites throughout Australia. The deal values the entire property trust at A$1.4 billion.

Property firm Charter Hall said in a separate release it will own a 2.45% stake in the Ampol portfolio.

Ampol said it would will retain a 51% stake while maintaining strategic and operational control of the convenience retail sites.

The property trust would receive A$77 million in rental payments from Ampol in the first year, Ampol added, saying it planned to use the net proceeds of A$612 million from the deal to reduce its debt amid uncertainty around COVID-19.

(Reporting by A K Pranav and Arpit Nayak in Bengaluru; Editing by Kim Coghill)


Stocks mentioned in the article
ChangeLast1st jan.
ALIMENTATION COUCHE-TARD INC. -1.35% 41.03 Delayed Quote.-0.44%
AMPOL LIMITED 2.09% 25.94 End-of-day quote.-23.59%
CHARTER HALL GROUP 0.24% 12.34 End-of-day quote.11.37%
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Financials
Sales 2020 17 860 M 12 548 M 12 548 M
Net income 2020 -425 M -298 M -298 M
Net Debt 2020 1 109 M 779 M 779 M
P/E ratio 2020 -14,1x
Yield 2020 1,67%
Capitalization 6 477 M 4 559 M 4 551 M
EV / Sales 2020 0,42x
EV / Sales 2021 0,37x
Nbr of Employees 7 800
Free-Float 49,6%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 28,49 AUD
Last Close Price 25,94 AUD
Spread / Highest target 28,8%
Spread / Average Target 9,84%
Spread / Lowest Target -6,71%
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Managers
NameTitle
Matthew Halliday Chief Executive Officer, MD & Director
Steven Gregg Chairman
Louise Warner Chief Operating Officer
Jeff Etherington Chief Financial Officer
Viv da Ros Chief Information Officer
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