- Chinese agriculture products supplier Farmmi Inc FAMI has agreed to acquire all the shares of Jiangxi Xiangbo Agriculture and Forestry Development Co., Ltd (Xiangbo) for about RMB70 million.
- Farmmi expects the deal to expand its forest-related business. Xiangbo primarily uses its acreage to cultivate and produce Moso Bamboo, Camellia Oleifera, and Chinese Fir trees.
- Xiangbo'sXiangbo's subsidiary, Yudu County Yada Forestry Co., Ltd., owns 1,4438.5 mu of economic forest in Yudu County, Ganzhou City, Jiangxi Province.
- Farmmi held $16 million in cash and equivalents as of March 31, 2021.
- Farmmi issued a CEO update letter detailing its expectation for increased growth and expanded opportunities.
- Price Action: FAMI shares closed higher by 41.25% at $0.34 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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