Transport giant Kelsian Group has unveiled plans to sell off its SeaLink Tasmania operations, as part of a broader move to divest several of its tourism businesses.
The ASX-listed company announced today it is exploring options to offload tourism assets that together generated more than $160 million in revenue last financial year.
SeaLink Tasmania, which operates the key ferry link between Bruny Island and mainland Tasmania, is one of eight tourism businesses Kelsian has floated putting up for sale.
Chair Fiona Hele said the move is part of a strategic shift to reshape the company into “a more infrastructure-like, commuter and contracted business”.
She said this will allow Kelsian to focus on “delivering essential journeys” through marine, bus and motorcoach transport.
“The tourism portfolio to be divested includes several market leading tourism centred businesses with established market positions and robust growth potential,” Hele said.
“We believe this is an appropriate time to consider their ownership and explore opportunities for these businesses to continue to grow with a new owner.”
Kelsian said any sale would only go ahead if the “value and terms are attractive” and aligned with the best interests of the company and its shareholders.
Funds from successful sales will go towards reducing debt and supporting growth in Kelsian’s core transport operations.
Advisory firms Gresham Advisory Partners and Macquarie Capital have been brought on to manage the divestment process.
Kelsian also pledged to provide “support and clear communication” to staff and communities affected by the potential changes.
SeaLink was awarded the 10-year contract to operate ferry services to Bruny Island in 2018.
