The fate of fallen Australian agribusiness firm Timbercorp’s assets is being found overseas, following an American buyout of its forestry operations and a Singaporean purchase of two thirds the managed investment scheme’s (MIS) almond plantations.
Singapore’s Olam International bought 8,096ha of Timbercorp’s almonds for just A$128m a fortnight ago, including about A$100m worth of water allocations.
That figure was significantly short of the A$275m the plantations were valued at last year, reported the Weekly Times Now.
A similar fate may be in store for Timbercorp’s remaining horticultural assets; another 4,000ha of almonds, 1,300ha of citrus, 5,177ha of olives and 412ha of table grapes.
Australian commentators have labelled the foreign sale a disaster, although Timbercorp administrators KordaMentha have called it a success.
