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Monday, February 26, 2024

Parkland plans to sell 157 retail fuel sites in Canada - report

Source: Seeking Alpha
By Carl Surran, SA News Editor

Parkland Corp. plans to sell 157 convenience stores with fuel operations in six Canadian provinces, NRC Realty and Capital Advisors, which is handling the sale, said Monday.

The stores, to be offered in a sealed bid sale, are in Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan, NRC said.

Parkland executives said last May that the company planned to divest as much as C$500M in non-core assets within 1-2 years to streamline business operations and reduce debt.

Activist investor Engine Capital, which owns ~2.5% of Parkland shares, has called for changes to the company's board and the sale of C$500M in non-core assets by 2025.