Duxton Farms Announces Sale of Apples Business
Key points
- Sale of Duxton Apples assets for $9.2 million
- Assets include properties and equipment
- Sale to New Zealand-based DAA Holdco Limited
- Settlement expected by end of July
- Company to focus on core development projects
Full summary
Duxton Farms Ltd has accepted an offer for the sale of its apples business, including properties and equipment, to New Zealand-based DAA Holdco Limited for approximately $9.2 million. The sale includes freehold property in Loxton, SA, and leasehold properties in Monarto and Nangwarry, SA. The divestment comes less than nine months after the acquisition of Duxton Apples Pty Ltd. Although profitable, the Board has decided to exit the position to focus on core development projects. The sale is subject to conditions precedent, including lessor consent for property leases. Settlement is expected by the end of July.
Outlook
Duxton Farms plans to continue rotating capital into other opportunities in the post-merger portfolio for higher returns.
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