Troubled manufacturer Hills Holdings has sold its share in engineering company Korvest for $26 million.
Hills on Tuesday announced it sold down its 47.8 per cent interest in Korvest at $6.50 a share.
Its shares in Korvest were sold to a range of institutional, professional and sophisticated investors, Hills said.
Hills will get net proceeds of $26 million from the sale.
The sale is part of a wide-ranging review of assets held by the electronics, building materials and lifestyle products supplier.
Hills earlier this month booked a net loss of $73.6 million for the six months to December 31, 2012.
The result included $81.8 million in impairment, restructure and closure costs.
Korvest supplies a range of cable and pipe support systems as well as walkway systems.
At 1332 AEDT Hills shares were up 1.5 cents to $1.06 while Korvest had dumped 96 cents to $7.15.
Latest Business Articles