Mainfreight sells units for $94m

Listed transport firm Mainfreight says it has completed the sale of two poorly performing business units.

It has sold Pan Orient Project Logistics and its 75 per cent interest in LEP (New Zealand and Australia) to global logistics company Agility Group for A$83 million ($94.3 million), subject to escrow and working capital arrangements.

Shares in Mainfreight closed up 3c to $7.40 on Friday. The company last week reported a 25 per cent increase in annual net profit to a record $36.4 million and announced further plans for overseas expansion, where it now earns much of its revenue.

- NZPA