Australia-based Beston Global Food Co. (BFC) has sold all its shareholding in local seafood firm Ferguson Australia.

BFC has offloaded its 32% equity stake in the business, as well as a property in South Australia, to the Ferguson family for AUD750,000 (US$510,000).

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“The transaction is consistent with BFC’s announced strategy of focusing on being a protein company with wholly owned capability in the production of dairy protein, meat protein and plant-based protein products,” BFC said in a stock-exchange filing.

Last September, BFC announced it would sell its holdings in Ferguson Australia. Last month, the company announced the sale of assets worth AUD7.5m as part of that plan.

In September this year, BFC revealed it hadsigned a manufacturing contract with local plant-based food business Soulfresh Group.

In June, the company announced it was to close its China and Thailand offices as part of a strategic review commissioned by recently-installed CEO Jonathan Hicks.

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