Costa Group tipped to buy Victorian citrus farm

Company News

by Rachael Jones

Horticultural company Costa Group Holdings (ASX:CGC) has signed a conditional agreement for the acquisition of the farming operations of Nangiloc Colignan Farm in North West Victoria.

The farm is a grower of high quality citrus and grapes across 567 hectares.

The transaction agreements have been entered into in conjunction with a subsidiary of CK Life Sciences International Inc.

Under the agreement, the CK Life Sciences group will acquire the farm and subsequently enter into a 20 year lease of the farm to Costa.

The principal activities of CK Life Sciences are investment holding and the activities of its subsidiaries include investment in nutraceuticals, pharmaceuticals and agriculture-related products and assets.
The acquisition is expected be completed in late 2018.

Costa Group Holdings (ASX:CGC) shares are up 7.6 per cent t $6.63.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.