LONDON: Camellia Plc sold its shares in BF&M Limited to Bermuda Life Insurance Company Limited for $100 million on 5 December.
The sale resulted in a net profit of around £10.7 million for Camellia. The company plans to use the funds to grow its business by investing in its existing companies and exploring new opportunities.
Byron Coombs, CEO, said this sale is key for Camellia’s strategy to expand its agricultural businesses.
Additionally, Camellia’s Board approved a share buyback program of up to £9.0 million, starting 5 December. Panmure Liberum Limited will manage the buyback independently.
The aim is to reduce share capital, improve liquidity, and return capital to shareholders. The program will run until the next annual general meeting or 30 June 2025. All repurchased shares will be cancelled.
The buyback will follow the Market Abuse Regulation guidelines, with some flexibility due to limited share liquidity.