27th Jul 2016 11:01
LONDON (Alliance News) - Agriterra Ltd on Wednesday said it has agreed the sale of its Beech King Air F-90 plane to an unnamed registered aircraft retailer in South Africa for USD290,000, as part of a series of aircraft sales to fund the purchase of an animal feed machine.
The Africa-focused agriculture company said its sale of the twin-turboprop aircraft is expected to complete within the next few days and Agriterra said it also has agreed to sell its Robinson R44 helicopter to the same purchaser for USD200,000, with this deal to complete on August 5.
Agriterra said both sales follow the recent disposal of its Aerospatiale Alouette 3 helicopter to the same purchaser for USD80,000.
Agriterra said the sale of the aircraft is part of a programme in Mozambique which will see the proceeds used in part to buy and operate an animal feed pelletiser machine with a delivered cost of USD75,000.
The pelletiser machine, which is due for shipment from South Africa to Mozambique this week, will provide an additional revenue stream for Agriterra, by allowing the company to convert its bran by-product into processed animal feed, Agriterra said. This will then be sold at a premium to farmers in the region.
Shares in Agriterra were down 5.3% at 0.142 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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