Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily, on November 4, 2015.

 

KUALA LUMPUR: Felda Global Ventures Holdings Bhd (FGV) completed the divestment of its noncore oilseeds crushing and refining plant in Quebac, Canada, to Viterra Inc yesterday for C$172.7 million (RM567.1 million).

In a filing with Bursa Malaysia yesterday, FGV (fundamental: 1.15; valuation: 0.8) said Viterra settled the cash purchase price of C$172.7 million to the company yesterday, in accordance with the terms of the sales and purchase agreement.

FGV on Aug 23 announced it was disposing of the oilseeds crushing and refining plant Twin Rivers Technologies Entreprises De Transformation De Graines Oleagineuses Du Quebec Inc in Quebec.

Yesterday the crude palm oil player said post-closing adjustment will be carried out to determine the final purchase price, subject to the finalisation of both the closing net indebtedness and the closing net working capital.

“Thereafter, the purchaser or the seller will settle the difference between the cash purchase price and the final purchase price accordingly,” it said.

The divestment came after FGV obtained the green light to do so from the Canadian and US authorities on Oct 19.

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