Montana Group has quit the travel industry to focus on wine, having sold its 80 per cent shareholding in Go International Holdings for $7.2 million.
Travel company Pacific International Holdings NZ, a subsidiary of Pacific International of Australia, paid $6.4 million over book value for the group's travelinterest.
The Business Herald understands Pacific International intends to build assets in the hopes of listing on the stock exchange in the near future.
Go Travel was the last significant non-wine interest in the Montana portfolio, although the group's holding in Game Meats and other small investments remain.
Game Meats had a difficult financial year last year with a shortage of deer for slaughter, but executive chairman Peter Masfen would not say if Montana intended to get out of that business as well. Of the Go Travel sale, Mr Masfen said it was "totally consistent with our indication to shareholders that we want to now concentrate on the wine industry."
"Go Travel was an excellent business and that is shown in the price paid by [Pacific International]," he said.
