|
Camellia PLC on Thursday said it has completed the sale of its BF&M Ltd shares and expects to receive gross proceeds of around $100.0 million. The Kent, England-based agriculture and engineering services firm has sold its entire 37% stake in BF&M to Bermuda Life Insurance Co Ltd, a subsidiary of Argus Group Holdings Ltd, for $100.0 million after regulatory and tax approvals were received. Shares in Camellia were up 12% to 4,960.00 pence in London on Thursday afternoon. Camellia said it expects net proceeds of around $99.5 million from the transaction. The company said it will take a net profit of around £10.7 million from the transaction including accumulated exchange gains and losses. Camellia said it will update shareholders on the use of funds when the net proceeds are received. Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
