|
|
Article: PICO Holdings, Inc. Sells Its Interest in Jungfraubahn Holding AG.
- Article from:
- PR Newswire
- Article date:
- April 22, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
LA JOLLA, Calif., April 22 /PRNewswire-FirstCall/ -- PICO Holdings, Inc. announced today that its wholly-owned Swiss subsidiary, Global Equity AG, sold its entire position of 1,312,907 shares in Jungfraubahn Holding AG for 57.70 Swiss Francs ("CHF") per share, resulting in gross sale proceeds of CHF 75.8 million (approximately US$75.8 million).
The sale is expected to generate a pre-tax gain of approximately US$45 million in PICO Holdings' consolidated statement of operations for the quarter ending June 30, 2008. However, the gain and related tax effects will only have a marginal impact on the Company's consolidated book value, as most of the gain and related ...