Ricegrowers Limited entered into an agreement to acquire remaining 33.77% stake in Trukai Industries Limited from Melanesian Trustee Services Limited for AUD 17.5 million.

Ricegrowers Limited (ASX:SGLLV) entered into an agreement to acquire remaining 33.77% stake in Trukai Industries Limited from Melanesian Trustee Services Limited on June 22, 2023. Trukai will acquire MTSL’s 33.77% shareholding for approximately AUD 17.5 million, which will be financed through local debt facilities in Papua New Guinea. Following the transaction, SunRice will be the sole shareholder in Trukai.

Upon completion, the MTSL-nominee Trukai directors will resign, at which point the Trukai Board will comprise solely SunRice nominees. Completion is scheduled to occur on June 30, 2023. As of June 29, 2023, SunRice, MTSL and Trukai have agreed to extend the date of Completion, pending resolution of regulatory matters.