Felda Global Ventures Holdings Bhd (FGV) completed the sale of Twin Rivers Technologies Entreprises De Transformation De Graines Oleagineuses Du Quebec Inc. (TRT) - its oilseed processing plant located in Quebec to Viterra Inc. for RM567.1 million (US$132 million) this week.
All conditions and deliveries established in the share purchase agreement (SPA) signed on August 27 were fulfilled, officially closing the transaction, including Viterra settling the cash purchase prices of US$132 million.
The sale of the crushing and refining plant, which was announced on August 23, is part of FGV’s five-year transformation strategy to become one of the world’s biggest agribusiness groups, with the divestment expected to improve FGV’s financial position, better enabling it to meet its long-term commitments to shareholders and stakeholders.
“In keeping with our commitment towards transforming FGV into a competitive, world-class CPO company, and as part of the cost optimization pillar of our transformation plan, TRT has now ceased to be FGV’s subsidiary and its employees will continue to work under Viterra. FGV wishes them every success moving forward,” FGV group president and CEO Datuk Mohd Emir Mavani Abdullah said.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at email@example.com.