Today, FirstFarms has signed a conditional agreement regarding sale of the company's operation centre in Western Romania close to Timisoara.
The agreement includes sale of:
* The companies FirstFarms Agro and S. C. Cistapibe,
* 1,991 hectares of land,
* appurtenant machinery and buildings.
The sale is expected to be carried out at the latest 31 December 2009 and is substantiated in a decision of centralising and expanding the operation in the company's existing centre in Eastern Romania. Thus, the established organisation can be concentrated in Eastern Romania and thereby be optimised and streamlined. The sale also strengthens the financial resources so that possibilities for beneficial investments can be utilised.
The positive accounting effect of the sale constitutes DKK 18 million before tax and at the same time increases the financial resources with DKK 50 million.
After the sale, FirstFarms owns 7,135 hectares of land in total in Romania.
Best regards
FirstFarms A/S
For further information:
Please visit our website www.firstfarms.com or
contact Managing Director Kim Stokholm on telephone +45 75 86 87 87.
