August 20, 2001 – Santiago, Chile.
Quiñenco S.A. (LQ:NYSE) announced today that it was divesting its 39% interest in Plava Laguna, a tourist resort located on the Adriatic coast in Croatia, for US$29.6 million. Quiñenco’s stake in Plava Laguna was sold to Sutivan Investments Limited, a Luksic family company. The pretax gain on sale is estimated at US$2.5 million, to be reported in third quarter 2001 results.
The divestiture of Quiñenco’s interest in Plava Laguna is part of the Company’s plan to reduce its indebtedness level by selling off non-strategic assets, which peaked following the Banco de Chile acquisition earlier this year.