Jardine Pacific sells Optical Shop interest to Sydney firm

Conglomerate Jardine Pacific has sold its interest in eye-wear company The Optical Shop to Australia's OPSM Protector for an undisclosed sum.

Jardine Pacific, the trading and services arm of the Jardine Matheson Group, said the sale was in line with its strategy of exiting non-core businesses.

The Optical Shop was acquired by Jardine Pacific in 1988 and has 40 outlets, 200 employees, and an annual turnover of about $200 million.

Jardine Pacific managing director Blair Pickerell said: 'This sale suits both companies in terms of their respective strategies. Jardine Pacific's strategy is to invest in and develop a limited portfolio of significant sized core businesses and, in pursuit of this strategy, over the last two years we have exited a number of non-core activities.' OPSM Protector, based in Sydney, markets and supplies products and services for optical health and safety.

The company owns 295 stores, with sales last year of A$230 million (about HK$1.11 billion).

Jardine Pacific saw profit from ongoing operations drop 4 per cent last year, hurt by provisions made by its engineering and construction units in Thailand.