Abano Healthcare is setting its sights on Asia, after shareholders approved the sale of its 70% stake in Bay Audiology for $158 million to an Australian company.
Abano will make a five-fold return on the sale after buying Bay Audiology for $30 million in 2005.
The proceeds will be used to wipe out the company's bank debt in New Zealand, return $53 million to shareholders and fund the company's expansion into China, Malaysia and Singapore.
Abano will decide next week whether reinvest up to $30 million into the new company that will be created by the sale of Bay Audiology New Zealand to National Hearing Care.
