NZ's Tourism Holdings sells Kelly Tarlton aquarium
WELLINGTON, March 20 (Reuters) - New Zealand tourism operator Tourism Holdings Ltd (THL.NZ) has agreed to sell its Kelly Tarlton Underwater World attraction to Australia's Village Roadshow (VRL.AX) for NZ$13 million ($10.4 million).
The proceeds of the deal, announced after the close of the local markets on Wednesday, would be used to repay debt, Tourism Holdings said.
Village Roadshow already operates the Sydney Aquarium, Oceanworld Manly and Sea World Gold Coast.
"Kelly Tarlton's is a sound business that will fit with the similar operations in the Village Roadshow group," THL chief executive Officer Trevor Hall said in a statement.
The sale needs official approval but is expected to be finalised by the end of the financial year.
Shares in Tourism Holdings closed on Wednesday at NZ$1.70.
The company operates campervan rental fleets in New Zealand and Australia, tourist bus and ferry services, and tourism attractions such as the Waitomo glow worm caves and Milford Sound tours.
In February, it said 2008 would be a tough year for New Zealand's tourism industry because of market turmoil and a high currency.
It has forecast a full year net profit of between NZ$15 million-NZ$17 million, compared with NZ$13 million last year.
A NZ$277 million takeover bid for Tourism Holdings by Australia's MFS Living and Leisure Group MPY.AX failed last July after some institutional shareholders resisted the offer. ($1=NZ$1.25)
