ARN will sell their ‘non core asset’, out-of-home advertising business Cody Outdoor International (Hong Kong) Limited and Buspak Advertising (Hong Kong) Limited (together, Cody HK) as they announced their intention to do at the May AGM.

While the deal will be subject to the customary completion adjustments and third-party consents, DFI Retail Group will purchase Cody HK for what is the equivalent of approximately $5.6 million AUD.

ARN said last year that it intended to exit the Hong Kong out-of-home sector to focus time, capital and
operational resources on Australian operations and becoming a leading digitally driven entertainment business.

ARN Chief Executive Officer, Michael Stephenson, said:

“The sale of Cody HK is an important step in simplifying ARN’s portfolio of assets. The divestment of this non-core asset further strengthens our balance sheet, allows us to focus on our Australian operations and supports the delivery of our long-term strategic plan.”

The sale consideration of Cody HK will be received 75% up front and 25% twelve months after completion date, with net proceeds of the sale to be applied to net debt. It will also see the release of A$30.5 million in bank guarantees upon completion, which is expected to occur in the second half of 2026.