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Sumitomo considering selling Fyffes' Balmoral shares

After the take-over of Fyffes, Sumitomo might sell the shares of Fyffes in real estate company Balmoral International Land Holdings. “We are not a real estate company,” Ted Eguchi from Sumitomo told The Irish Times. The shares in the company are an important part of the balance, but does not fit with the plans the Japanese have. “We have to make a decision about what to do.”

The real estate company Balmoral was a spin-off of Fyffes, which floated its real estate portfolio on the stock market in 2006. Its name was then still Balmoral International Land, but this was changed to Balmoral in 2010. The company was also taken off the stock market in that year, because of the disappointing price trend during the crisis. Balmoral manages a large part of the real estate of Fyffes and Total Produce.

Source: The Irish Times

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