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Australia's Beston sells seafood assets for A$7.5M

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Australia's Beston sells seafood assets for A$7.5M

Australian packaged food producer Beston Global Food Co. Ltd. said Oct. 14 that it completed the sale of its rock lobster licenses and quotas that are linked to seafood producer Ferguson Australia Pty Ltd. for a consideration of A$7.5 million.

Beston did not disclose the buyer but said the sale of the South Australian Southern Zone and Northern Zone licenses and quotas generated a pretax profit of A$2.6 million.

The asset sale forms part of Beston's plan to sell its 32% shareholding in Ferguson Australia and focus on dairy, meat and plant-based protein products. The sale process began June 30, 2018.

Beston CEO Jonathan Hicks said the proceeds of the asset sale would be used to reduce debt and fund a number of planned "efficiency projects."