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Halcyon Agri increases stake in Ivory Coast rubber producer
NATURAL rubber supplier Halcyon Agri said it has increased its stake in Ivory Coast rubber producer Tropical Rubber Côte d'Ivoire SA (TRCI) by 18.8 percentage points.
It now owns 70 per cent in TRCI, from 51.2 per cent previously.
Halcyon paid US$5.1 million in cash for the stake, a premium over the US$3.3 million represented by the unaudited net asset value of the shares at end-Sep 2017.
As part of a streamlining exercise, Halcyon Agri's existing holdings in TRCI were transferred from Cameroon Holdings Pte Ltd to SDCI Singapore.
Halcyon Agri last traded at S$0.64, up a cent or 1.6 per cent, before the announcement.