(7th November 2003 – Australia) ATM provider Cashcard has shelved plans for an initial public offering and is discussing selling the business with a number of potential buyers.Cashcard, whose owners include St George and Suncorp-Metway, had intended a $300 million IPO by the end of the year with the aim of listing on the Australian Stock Exchange by December 2004.
This week, the company posted a post-tax profit of $4.4 million for 2003, a year which saw it purchase EBS, Movieline and Direct Cash ATM networks, as well as Adelaide Bank’s EFTPOS network.
Cashcard now owns and operates more than 4000 ATMs.