The company iberpapel signed with the investment fund manager winterbothamin his capacity as trustee of the financial trust Southern Eucalyptusthe earnest money contract for the sale of its forest assets in Uruguay for 55 million dollars, the company informed the National Stock Market Commission (CNMV).
On October 20, Iberpapel reported that Los Eucaliptus, a 100%-owned subsidiary of Ibereucaliptos, and in turn, the latter 100%-owned by Iberpapel, granted a purchase option on its forest assets located in the departments of cannelloni, maldonado and lavalleja.
The forest estate object of the operation covers an area of 11,178 hectares and represents approximately the 40% of the group’s forest assets Iberpapel, recalled Europa Press.
The deed of sale must be granted within a period of 90 business days from the date of signing the contract, provided that the appropriate registration information and documentation procedures are met to carry out the operation, the company explained.
Otherwise, the 90-day period will be extended until the registration information and the corresponding documentation are obtained.
In the event of non-compliance, by any of the parties, with the obligations of the aforementioned earnest money contract, a fine of just over 5.27 million dollars (about 4.79 million euros) has been established.
The effective acquisition of the forest assets object of the earnest money contract will be subject to compliance with the conditions precedent to the offer of sale to the Uruguayan National Institute of Colonizationwhich has a right of preferential acquisition over forest assets, and the mandatory authorization of the Uruguayan Executive.
As reported by Iberpapel at the time of announcing the operation, in the event that the transaction is successful, “the already powerful balance sheet of the company would be strengthened, which would further reinforce the growth programs that the group is studying “.