Administrators of Cubbie Station, Australia’s largest cotton farm based at Dirranbandi, have confirmed sale of the farm.
Informing the employees at the 92,000 hectare farm regarding the development, the administrators said they have inked a sale deal with Shandong Ruyi, a firm jointly owned by a private Chinese firm and Japanese trading major Itochu in 70:30 ratio.
The US$ 225-270 million sale deal was closed after obtaining approval from the Foreign Investment Review Board as well as Treasurer Wayne Swan.
McGrath Nicol Administrator John Cronin said the conclusion of the sale deal would afford higher stability to Cubbie Group and its workers.
John Cronin, James Harris and Colin Nicol of McGrath Nicol were appointed as Deed Administrators of the Cubbie Group on July 6, 2010, after the Group slipped under administration in 2009, following disputes over its foreign ownership and water rights.
The Cubbie station is expected to produce 203,000 bales of cotton this season, accounting for 4.2 percent of Australia’s total annual cotton production.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=117088
