THL yesterday said confidentiality may not have been maintained over the negotiations, so it went public, saying only that if negotiations progressed to a definitive transaction more information could be expected in November or December.
It outlined the Kiwi Experience business and some of the Discover Waitomo businesses, including Black Water Rafting, Ruakuri and the Waitomo Homestead were being considered, but not its Waitomo Glow Worm Caves business.
Forsyth Barr broker Suzanne Kinnaird said the announcement confirmed a long-held suspicion the tourism group division assets would be divested.
''Proceeds will provide more balance sheet capacity to invest in recreational vehicle-centric assets consistent with Tourism Holdings's strategy,'' she said.
She expected an update from Tourism Holdings' annual shareholder meeting on Wednesday next week.
