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ARN Media Sells Hong Kong Advertising Units to DFI Retail Group for Over HK$30 Million

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ARN Media (ASX:A1N) agreed to sell its Hong Kong out-of-home advertising businesses, Cody Outdoor International and Buspak Advertising, to DFI Retail Group for HK$30.2 million in total, according to an Australian bourse filing on Tuesday after market hours.

The divestment reflects the company's strategy to withdraw from non-core international assets and concentrate on its core digitally driven entertainment business in Australia, per the filing.

The sale of Cody Outdoor International will be settled 75% upfront and 25% after 12 months, with net proceeds applied to net debt, the filing said.

The sale will also result in the release of AU$30.5 million in bank guarantees upon completion, the filing added.

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