Hudson sells RI investments

Hudson sells RI investments

SYDNEY (Dow Jones): Hudson Conway Ltd., an Australian investment concern and property developer, said yesterday it has sold investments that it holds in Indonesian companies, incurring an after-tax loss of A$12.8 million on the transaction.

The decision to sell the shares was made in view of the recent depreciation of Indonesia's currency, the rupiah, and the adverse impact it has had on the country's economy, Hudson Conway said in a statement.

Hudson Conway didn't name the Indonesian companies affected, or the party or parties that it sold the shares to.

On a pretax basis, the loss amounts to A$30.8 million.

"The financial condition of these companies has been severely effected by the economic conditions prevailing in Indonesia," Hudson Conway said in a statement.