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Bingo (ASX:BIN) Shares Dumped After Banksmeadow Sale

The Bingo Industries Ltd (ASX:BIN) share price declined 4.4% after announcing the sale price of its Banksmeadow facility. 

The Bingo Industries Ltd (ASX: BIN) share price declined 4.4% after announcing the sale price of its Banksmeadow facility.

Bingo Industries is a waste management business, it provides residential and commercial waste services, recycling services and bin manufacturing. It started in 2005 when the Tartak family purchased a small skip bin business.

Bingo’s Disappointing Sale News

The Bingo share price fell much further than the ASX 200 (ASX: XJO) today after telling investors that it has agreed to sell its Banksmeadow facility to CPE Capital for $50 million.

The Australian Competition and Consumer Commission (ACCC) has approved CPE Capital as the purchaser of its court-enforceable undertaking which was necessary to acquire Dial A Dump Industries.

Bingo said it expects to complete the sale before 9 October 2019.

Despite today’s decline, the Bingo share price is up almost 40% over the past six months with the waste management business recovering some of the ground lost over the past year because of lower construction activity.

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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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