LONDON (ShareCast) – (ShareCast News) – MP Evans Group has reached a deal to sell its cattle-fattening property in Australia to focus on its palm oil operations for AUD $ 28m. The London-listed company said it will sell the southern Queensland facility to an Australian subsidiary of Chinese automotive parts group Fucheng Group.
MP Evans explained that the decision to sell the property was taken a few months ago but it only registered significant interest in recent months due to a strengthening in the cattle market.
The company added the cattle, plant and equipment at the site, which are worth a combined $ 10m, will be sold separately and the proceeds from the sale of the facility will be used to pay its down in debt and fund its expansion in the Indonesian palm oil sector.
MP Evans shares were up 1.27% to 360.00p at 1558 BST on Tuesday.
