Elders Limited (ASX:ELD) has inked agreements to divest the majority of its pulpwood forestry assets in the Albany, Bunbury and Green Triangle regions.
While the gross sales value has not been disclosed the agribusiness expects to reap net cash proceeds of more than $45 million from the divestment.
The sale includes about 12,400 hectares of land, including Elders-owned standing timber and the company’s woodchip export facility at Albany.
CEO Malcolm Jackman says Elders now has sales or sales agreements in place for almost two thirds of the land targeted for divestment.
In the first half of the 2012 financial year Elders reported a net loss of $391 million.
