5th Dec 2024 14:31
(Alliance News) - Camellia PLC on Thursday said it has completed the sale of its BF&M Ltd shares and expects to receive gross proceeds of around USD100.0 million.
The Kent, England-based agriculture and engineering services firm has sold its entire 37% stake in BF&M to Bermuda Life Insurance Co Ltd, a subsidiary of Argus Group Holdings Ltd, for USD100.0 million after regulatory and tax approvals were received.
Shares in Camellia were up 12% to 4,960.00 pence in London on Thursday afternoon.
Camellia said it expects net proceeds of around USD99.5 million from the transaction.
The company said it will take a net profit of around GBP10.7 million from the transaction including accumulated exchange gains and losses.
Camellia said it will update shareholders on the use of funds when the net proceeds are received.
By Michael Hennessey, Alliance News reporter
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