Australian agribusiness GrainCorp said it has sold it its entire stake of 8.7 million shares in Australian grain company AWB.
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GrainCorp said its investment in AWB had ceased to be a strategic investment because GrainCorp’s purchase of Allied Mills with an Australian unit of Cargill late last year provided an “excellent avenue for supply chain growth and earnings diversification.”
GrainCorp said it had sold the shares for a profit, reported Dow Jones International News.
