TasFoods Sells Pyengana Dairy to Research Corporation Pty Ltd
Source: dairynews.today
TasFoods Limited has agreed to sell its Pyengana Dairy business for $2 million, with plans to use proceeds to reduce debt and strengthen its poultry supply chain.
TasFoods Limited (ASX:TFL) has announced a Business Sale Agreement for divesting its Pyengana Dairy business to Research Corporation Pty Ltd and Associates, including MSC ATF AgFood Opportunities Fund (AgFood). The $2 million sale deal involves $1.7 million in cash and up to $0.3 million in shares held by AgFood. Following shareholder approval to be sought at an upcoming Extraordinary General Meeting (EGM), settlement is anticipated by early November 2025. TasFoods plans to allocate the sale proceeds to reducing debt with NAB and reinforcing its poultry supply chain, while also managing Pyengana Dairy under a paid Services Agreement post-settlement. The corporate strategy includes exploring further strategic initiatives for enhancing shareholder returns.
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