Kelsian Group (ASX:KLS) is exploring the divestment of its Australian tourism assets as it seeks to reduce debt and streamline its business, according to a Wednesday Australian Securities Exchange filing.
Collectively, the company's tourism assets being considered for divestment produced revenue of over AU$160 million in fiscal 2024. The assets include K'gari resorts, tours and ferry, Sealink Sydney Harbour, Murray Princess, Adelaide Sightseeing, SeaLink Western Australia, SeaLink Whitsundays, SeaLink Tasmania, and SeaLink Northern Territory.
The company appointed financial advisers Gresham Advisory Partners and Macquarie Group's (ASX:MQG) Macquarie Capital (Australia) to assist with the proposed transaction.
The firm had earlier said that it would evaluate its portfolio against the capital management and allocation framework. The board believes that a divestment will allow the company to focus more on its marine, bus, and motorcoach transport businesses while lowering capital intensity.
Kelsian Group's shares jumped about 2% in early trading on Wednesday, while Macquarie Group's shares gained nearly 1%.
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