Turners Auctions sells US subsidiary

Turners Auctions has signed a heads of agreement to sell its shares in US subsidiary Ehli Auctions Inc to a Seattle-based auction house.

Walter Woodward would take ownership for US$150,000 ($240,192) from September 1.

Turners said the sale meant the end of its interests in North America, which would free up the group to focus on its core New Zealand business.

Shares in Turners Auctions rose 2c to $1.69 on the news.

- NZPA