Cedar Woods Properties deputy chairman Robert Brown has sold 900,00 shares in the company to raise over $4.8 million. Mr Brown is a director of private companies Beach Corporation and Westland Group Holdings, the entities that sold the shares on-market last week. Beach Corporation offloaded just over $2.7 million worth of shares, while Westland Group sold $2.09 million in stock. Mr Brown retains a stake of 7.9 million shares in the property developer currently worth $43.7 million. Cedar Woods said the sale was part of an internal restructuring of Mr Brown’s assets.
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