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News Breaks | | | | January 3, 2013 | | 17:52 EDT |  | AGRO | Adecogro announces sale and lease back of Santa Regina farm
Adecogro announced that on December 27, it completed the sale and lease back of 51% of the "Santa Regina" farm, located in General Villegas, province of Buenos Aires, Argentina. Under the terms of the agreement, Adecoagro sold 51% of the outstanding shares of Santa Regina S.A., a company whose main asset is the Santa Regina farm, for a total consideration $13M and has granted the buyer a call option to acquire on or before June 2014 the remaining 49% interest for $13.1M. Adecoagro will lease and operate the farm during the next two crop years as of May 2013. Santa Regina is a 3,618 hectare farm which was purchased by Adecoagro in 2002 for a total of $2.3M, or $625 per hectare. The book value of Santa Regina in the company's balance sheet was $3.1M, therefore this transaction will result in approximately $19.8M of operating profit recorded in Q4, with the following breakdown: a $9.3M gain corresponding to the sale of 51% stake of Santa Regina S.A., and a $10.5M gain corresponding to the fair valuation of Adecoagro's remaining 49% interest in Santa Regina S.A. according to IFRS accounting rules. | |
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News For AGRO From The Last 14 Days Check below for free stories on AGRO the last two weeks. |
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| May 15, 2013 | | 17:13 EDT |  | AGRO | Adecogro reports Q1 net income $2.5M vs. $1.2M a year ago
 Subscribe for More Information | | | 17:12 EDT | | AGRO | Adecogro reports Q1 adjusted EBITDA $29M
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