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Camellia PLC on Thursday said it has completed the sale of its BF&M Ltd shares and expects to receive gross proceeds of around $100.0 million.
The Kent, England-based agriculture and engineering services firm has sold its entire 37% stake in BF&M to Bermuda Life Insurance Co Ltd, a subsidiary of Argus Group Holdings Ltd, for $100.0 million after regulatory and tax approvals were received.
Shares in Camellia were up 12% to 4,960.00 pence in London on Thursday afternoon.
Camellia said it expects net proceeds of around $99.5 million from the transaction.
The company said it will take a net profit of around £10.7 million from the transaction including accumulated exchange gains and losses.
Camellia said it will update shareholders on the use of funds when the net proceeds are received.
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