Leading real estate agents, the Ray White Group, has sold its entire $80 million-plus holding in online property classifieds leader REA Group to a range of existing and new shareholders.
The surprise move by REA’s second-largest shareholder to sell more than 13.5 million shares on market came on Tuesday.
Ray White deputy chairman Sam White said yesterday the move — announced after the close of trading yesterday — was designed to allow the agency “to invest back in our core family business and fund other emerging opportunities”.
Mr White will retain a personal stake and remain a board member of REA, which operates the www.realestate.com.au site.
By Nick Tabakoff
July 2, 2009
source: theaustralian.news.com.au
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