20th Jul 2016 08:38
LONDON (Alliance News) - Palm oil producer MP Evans Group PLC on Wednesday said it has completed the sale of its 34% stake in Australian beef-cattle company North Australian Pastoral Co for AUD107.0 million.
The sale of the stake in NAPco to Queensland Investment Corp was agreed in May and will allow MP Evans to focus on its palm oil production business in Indonesia.
MP Evans will pay a 5.0 pence per share special dividend to shareholders with proceeds from the sale.
"The sale of NAPCo and consequent exit by MP Evans from Australia represents an important landmark in the group's history. The proceeds from the sale will enable continued expansion within the Indonesian palm-oil sector and additional economies of scale to be achieved," said Chairman Peter Hadsley-Chaplin.
MP Evans shares were up 2.3% to 428.75p Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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