Freedom Foods Group (ASX:FNP) begins the sale of Cereal and Snacks

Freedom Foods Group (ASX:FNP) has completed the first stage of a phased completion of the sale of its Cereal and Snacks operations with ownership transferring today to The Arnott’s Group.

Freedom Foods Group continues to operate the Cereal and Snacks business until full completion of the sale due to take place by the end of this month.

The first stage of completion achieved today included a payment of $16.1 million, with the net proceeds paid to Freedom Foods Group of $8.04 million after discharge of equipment leases.

They expect the sale will remain at approximately $20 million with net proceeds of approximately $11 million.

Shares in Freedom Foods Group (ASX:FNP) are currently suspended.
 
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Source: Finance News Network