Shares rise after sale

SHARES in Dreamworld operator Ardent Leisure rose almost three per cent yesterday after it finalised the sale of its Bowling & Entertainment Division.

Ardent said it expects to book a pre-tax profit between $22 million and $26 million on the sale. The net proceeds, of about $150 million, will be used to repay debt.

Chairman Gary Weiss said the sale will strengthen the company’s balance sheet, help it to roll out Main Event centres in the US, and fund new attractions at Dreamworld.