Agribusiness AWB Ltd
(ASX:AWB) says the sale of its AWB Geneva business to US Gavilon LLC is expected to be finalised a month later than expected.
On March 30, the company announced that it had executed a non binding memorandum of understanding with Gavilon regarding the sale of AWB Geneva and the formation of a 50/50 joint venture of the AWB Australia Commodity Management business.
At the time of executing the MOU, AWB anticipated that the transaction would be completed by June 2010.
Today it announced that both parties are working towards finalising the transaction as soon as possible and it expects the binding contracts to be agreed during July.
In May AWB reported a loss of $64.8 million for the six months to March 31, 2010.
Looking at the year to September 30, 2009, AWB reported a loss of $250.82 million.
