The country’s largest banks and retailers have agreed to tip in $25 million to keep Armaguard, the monopoly cash transportation business owned by billionaire Lindsay Fox, operating until the end of the year.
The companies – Commonwealth Bank, Westpac, National Australia Bank, ANZ, Coles, Woolworths, Bunnings and Australia Post – last year paid Armaguard some $50 million to keep operating after the Fox family suggested it was not profitable and could shut.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.