MP Evans Group PLC - producer of palm oil in Indonesia - Completes disposal of its Bertam Estate for USD24.0 million to Malaysian property-development company Bertam Properties Sdn Berhad. The estate includes 70 hectares of land near Penang Island in Malaysia, the company says. Received a 10% deposit sale price in July 2020. Now receives a 50% of the sale price upon signing the agreement. Expects to collect a further 10% in January 2022, with the remaining 30% of the balance due in July 2023.
"Completion of the Bertam Estate sale is an important step forward for the group and the sale proceeds will support its continuing investment in sustainable Indonesian oil-palm. This welcome, cash-generative, transaction further underlines the board's stated intention to recommend a total dividend of at least 30 pence per share in respect of 2021," says Chair Peter Hadsley-Chaplin.
Current stock price: 842.03p, down 2.3% on Friday
Year-to-date change: up 28%
By Scarlett Butler; scarlettbutler@alliancenews.com
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M P Evans (MPE)