17/12/2012 - 11:32

Elders strikes deals to sell WA plantations

17/12/2012 - 11:32

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Elders strikes deals to sell WA plantations

Elders has announced it will sell 30,000 hectares of pulpwood timber plantations and its Indian Sandalwood assets in the Ord River irrigation area.

The company said today it had entered a conditional agreement to sell its Ord River Indian Sandalwood assets to Kununurra-based Santanol, which owns and manages a number of sandalwood plantations in the area.

The agreement also allows for the sale of Elders' freehold properties in the Ord RIver area, together with standing timber, plant and equipment. 

The 30,000ha of standing timber, which is owned by MIS investors in schemes, will be sold by Elders subsidiary APT Projects.

Elders said it is not selling any of its own assets, but it will receive a fee for the sale.

The agreement also provides for the conditional sale of MIS-grower-owned Indian Sandalwood standing timber.

Elders shares were 0.5 cents, or 4.1 per cent, lower at 11.5 cents at 1300 AEDT.

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