Murray River Organics Group has sold its Gol Gol citrus property for $5 million. The sale includes $4.75 million for the property and a further $250,000 for hanging citrus crops. According to Murray River spokespeople, the sale is unconditional and is expected to be completed by the end of the month.
Under the agreement, Murray River will continue farming the remaining dried vine fruit crop on the property until the completion of the 2021 harvest period on May 15. Also, the company is working through the final stages of a five-year grower supply arrangement for dried vine fruit from the new owner.
CEO Birol Akdogan: "The Gol Gol property is predominantly a conventional Citrus farm. The sale represents a great outcome for our shareholders with management now better able to focus on our fast growing MRO branded organic retail products. Over the last six months, we have secured over $15 million of non-core asset sales as part of our ongoing turnaround strategy. With interest rates low, there is strong demand for Australian farming assets and we are assessing opportunities to maximise shareholder value through our asset realisation program.”