Photo by: Bloomberg
South African transport group Barloworld said on Tuesday it has sold its Australian auto retail unit for R1.3-billion rand ($124-million).
Barloworld, which had seven auto showrooms in Sydney and Melbourne, said it would used the cash to pay down debt and fund growth opportunities.
The deal – first announced last month – is effective March 31, 2014.
Shares in Barloworld were up 0.6% at R110.99, largely in line with the JSE All-share index.