- Brewing company Broo (BEE) fails to sell its Ballarat Property following a decline from the Development of Victoria
- The Australian Beer company signed an agreement to sell the property for $7.5 million
- Broo and the purchaser have now agreed to a 30-day extension to obtain the needed approvals from Development Victoria
- At market close, Broo is down 11.8 per cent, trading at 1.5 cents per share
Australian Beer company Broo (BEE) has failed to sell its Ballarat Property.
In June, the company signed an agreement to offload the property after purchasing it in 2017 for future development.
The sale of the property was valued at $7.5 million.
However, the Development of Victoria has declined the current sale proposal.
“The company has been notified by Development Victoria that it has declined to approve the current proposed terms of the sale of the Ballarat Property,” Broo told the market.
Broo and the purchaser have now agreed to a 30-day extension to obtain the needed approvals from Development Victoria.
The company is currently in talks with Development Victoria in relation to the matter and will update the market further in the due course.
On market close for the day, Broo was down 11.8 per cent, trading at 1.5 cents per share.