Capilano Honey Limited (ASX:CZZ)
has decided to proceed with the purchase of New South Wales based KirksBees Honey.
The beekeeping enterprise is described as one of Australia’s largest active Manuka honey producers with the potential to grow production over time.
Capilano Honey has purchased KirksBees Honey for $5.25 million and bought the property and land for $750,000.
The transaction is expected to proceed immediately after Capilano Honey’s due diligence was satisfactorily competed.
Capilano Honey reported a net profit of $3.59 million in the first half of the 2015 financial year.