Timbercorp focuses on agribusiness
Managed investment scheme (MIS) specialist Timbercorp has decided to substantially move away from the investment management business to wholly concentrate on agribusiness.
The company announced the strategy to the Australian Securities Exchange today, saying it had followed a strategic review.
“Over the past three months, Timbercorp has been undertaking a strategic review of the company to identify a structure and strategy that will underpin future growth and outlook,” it said. “This review is well advanced and a number of key strategic decisions have been taken.
“The board believes the best course of action for the future is to transform the business away from its focus on investment management into a fully integrated agribusiness company,” the announcement said.
“As a result, Timbercorp will not be offering any new agribusiness MISs in the coming year.”
It said while the decision to stand out of the MIS market would negatively impact earnings in the short term, it would benefit the company by reducing costs and simplifying its business structure, allowing it to focus on selling assets and retiring debt.
AUTHOR
Mike Taylor
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