A small number of ASX-listed Perth companies are following the example of Rupert Murdoch and Kerry Stokes, with second-generation family members taking over.
CTI Logistics chairman David Watson has sold down his shareholding for the first time since he founded the business in 1972, with Forager Funds Management acquiring some of his shares and investing further funds to become a substantial shareholder.
CTI Logistics has bought 67,000 square metres of land adjacent to its Hazelmere warehousing and distribution centre, in a private deal believed to be worth just under $19 million.
Perth-based trucking firm CTI Logistics held its profit largely steady over financial year 2013-14, even as the company lodged an 11 per cent uptick in revenue.
Trucking company CTI Logistics has paved the way for further expansion of its Hazelmere depot with the purchase of a 30,000 square metre property adjoining its existing premises.
The value of shares held by some of the biggest names in mining have slumped along with the companies they lead, but there are pockets of good news in what has been a tough year on the markets.
National printing company GEON Group is on the lookout for additional acquisitions in Western Australia following its purchase of Bassendean firm, Advance Press Pty Ltd, for about $11 million.
