Oceania Healthcare Targets NZ$50 Million in Divestments by March

MT Newswires Live

Mar 02

Oceania Healthcare (NZE:OCA, ASX:OCA) expects to complete six divestments worth about NZ$50 million by March 31, surpassing its earlier targets in both total value and timeline, according to a Monday filing with the Australian and New Zealand bourses.

The sales cover Ohinemuri in Paeroa, Whitianga, Te Mana in Auckland, Elmswood in Tauranga, and Eldon and Hutt Gables in Wellington, totaling 299 care beds, 46 independent living units, and 14 care suites, per the filing.

The transactions are well underway, with sale and purchase agreements finalized with multiple counterparties, regulatory approvals in progress, and settlement dates set for March, the filing said.

Proceeds will be used to reduce net debt, the filing added.

The company's Kiwi shares fell past 2% in recent Monday trade.

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