Sandalwood plantation manager TFS Corporation has acquired a 2,910 hectare farming property in the Northern Territory for $4.45 million.
The Perth-based company said approximately 1,000 hectares of the property, located in the Katherine region, would be developed for Indian sandalwood plantations.
TFS said the acquisition, coupled with its recent Northern Queensland land purchases, represent a continued strategy of diversifying its land base outside of its traditional Ord River irrigation area around Kununurra.
“TFS has also targeted other significant areas to source land within northern Australia,” the company said in a statement to the ASX.
“Furthermore, in response to the recent fall in the price of its shares since the 3rd January ASX release, TFS confirms that the business continues to be in a sound financial position and continues to be confident of meeting the company’s previously stated objectives.”
At close of trade today TFS stocks had surged 11.6 per cent, to trade at 53 cents.