Olam signs A$200 mln sale and lease-back deal of Australian almond orchards
SINGAPORE Nov 13 (Reuters) - Olam International Ltd said it has signed a sale and lease-back agreement for its almond orchards in Australia with a group of investors for A$200 million ($186 million).
Olam will receive A$200 million in cash, and expects to book a one-time post tax capital gain of about A$45 million upon the completion of the deal.
Olam has been under pressure from its investors to cut down its debt.
The group of investors include Adveq Real Assets Harvested Resources, LP, an asset manager, Municipal Employee Retirement System from Michigan in the United States, Danske Capital, another asset manager as well as the Laguna Bay Pastoral Company.
For a company statement, click ($1 = 1.0734 Australian dollars) (Reporting by Rujun Shen; Editing by Himani Sarkar)