SINGAPORE (Dec 3): Olam Orchards Australia (OOA), a wholly-owned subsidiary of global food and agri-business Olam International, has entered into an agreement to sell 89,085 megalitres of its permanent water rights in Australia for A$490 million ($456 million).

In a regulatory filing on Tuesday, the group reported that it will be selling its rights  to a related entity of the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers. 

The transaction is slated for completion in December, and is subject to customary conditions. Upon completion, Olam is expected to receive cash proceeds of A$490 million and is also expected to book a one time pre-tax capital gain of some A$311.million. 

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