BPI.L Share News (BPI)

LONDON (Dow Jones)--British Polythene Industries PLC (BPI.LN) said Tuesday it completed the sale of its Stockton on Tees site for a cash consideration of GBP6M. MAIN FACTS: -The property had a book value of GBP2.35M and a gain on sale (after disposal costs) of around GBP3.5M will be included in the results for the six months to June 30. -There will be no taxation payable on the disposal. -The proceeds will be used to reduce borrowings. -This process has now been completed with production ceasing in June 2010. -Shares at 0901 GMT unchanged at 213.5 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires June 22, 2010 05:02 ET (09:02 GMT)