- Construction materials business Adbri (ABC) has completed the sale of its Hilltop land in Geelong, Victoria
- The Cockburn Cement owner didn’t say who it sold the land to, but confirmed it would be paid a deferred settlement of $11 million by late 2023
- Hilltop used to form part of the Geelong cement works in Fyansford, with extensive environmental remediation carried out at the site
- Adbri CEO Nick Miller welcomed the sale, saying he expected a post-tax gain on sale of $5.6 million to be recognised in Adbri’s 2021 results
- ABC shares opened Friday at $2.89 each
Construction materials business Adbri (ABC) has sold its Hilltop land in Geelong, Victoria.
The Cockburn Cement and Adelaide Brighton Cement owner said late on Thursday that all of the conditions precedent for the sale have been satisfied.
The ASX-lister hasn’t disclosed who bought the land, but confirmed it would be paid a deferred settlement of $11 million by November 2023.
From that consideration, the ASX-lister was expecting a post-tax gain on sale of $5.6 million to be recognised in its 2021 results.
The Hilltop site, which has now been sold, used to form part of the Geelong cement works in Fyansford.
ABC carried out extensive environmental remediation and also demolished infrastructure at the site in preparation for the sale.
Commenting on the deal, Adbri CEO Nick Miller said the business was committed to returning shareholder value on its various landholdings.
“Adbri continues to develop and deliver on its strategy to actively managing its land holdings,” Mr Miller said.
“The sale of Hilltop is a small part of a much broader strategy to realise significant value for shareholders through our surplus land portfolio.”
ABC shares opened Friday’s trading session at $2.89 each.