Grain company AWB Ltd
(ASX:AWB) says it has completed the sale of Landmark Financial Services $2.3 billion loan book and $300 million debenture book to ANZ Banking Group
(ASX:ANZ).
Managing Director Gordon Davis says the completion of this transaction simplifies the business and enables AWB to significantly reduce its level of debt.
Mr Davis confirmed that the company would incur a significant item in the half year ending March 31, 2010 which is expected to be broadly in line with previous guidance of $62 million pre-tax representing a one off loss on the sale together with restructuring costs.
In addition AWB says Landmark has finalised an exclusive referral relationship agreement with ANZ.
Mr Davis says AWB looks forward to expanding its successful relationship with ANZ.
AWB reported a loss of $250.82 million for the 12 months to September 30, 2009.
