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FINWIRES

Flight Centre Travel Group Completes AU$61.7 Million Sale of Pedal Group Stake

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Flight Centre Travel Group (ASX:FLT) said it has formally completed the sale of its 47% shareholding in the Pedal Group cycle joint venture to the Turner Collective, receiving AU$61.7 million in proceeds, according to a Friday Australian bourse filing.

The company said it will recognise a one-off accounting gain of about AU$15 million on the sale, in addition to boosting its cash reserves and allowing it to focus on growth initiatives in its core travel business.

The company's shares fell 1% in recent Friday trade.

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