Feb. 20 (Bloomberg) -- Seven Group Holdings Ltd., the media investment company controlled by billionaire Kerry Stokes, rose to a four-month high in Sydney trading after agreeing to sell its Vividwireless unit for A$230 million ($248 million).
Seven Group climbed as much as 5.9 percent to A$8.58, the highest level on an intraday basis since Oct. 11. The stock traded 5.2 percent higher at A$8.52 as of 2:06 p.m. local time.
Optus, a unit of Singapore Telecommunications Ltd., agreed to buy Vivid to gain Australian wireless spectrum for faster mobile Internet services and help it compete with larger rival Telstra Corp. Seven expanded its Internet services in 2007 when it agreed to buy Unwired Group for A$114 million.
“This sale recognizes value for the investment we’ve made in Vividwireless,” Peter Gammell, Seven Group’s Chief Executive Officer, said in a statement.
Seven Group’s other investments include about 32 percent of Seven West Media Ltd., owner of Australia’s most-watched television broadcaster, and a 24 percent stake in Consolidated Media Holdings Ltd.
The company also owns WesTrac Group, a Caterpillar Inc. dealer in Australia and northern China.
--Editors: Robert Fenner, Frank Longid
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To contact the reporter on this story: David Fickling in Sydney at firstname.lastname@example.org
To contact the editor responsible for this story: Neil Denslow at email@example.com -0- Feb/20/2012 01:36 GMT