Income fund buys up Sask. pulse processor
| 1 min read
By FBC staff
A Regina special crop-processing firm has bought up all the shares of a Saskatchewan pulse processor that it didn’t already own.
Alliance Grain Traders Income Fund, owner of 55 per cent of Saskcan Horizon Trading, has closed into escrow its purchase of the remaining 45 per cent of the Aberdeen, Sask. company’s shares.
Saskcan Horizon runs a pulse and special crops processing facility at Aberdeen, about 40 km northeast of Saskatoon. Its business focuses on lentils, canary seed, peas and chickpeas.
Alliance said it will pay $1.4 million for the remaining 45 per cent stake, of which just under $360,000 is to be covered by issuing new units of the income fund at $13.31 per unit, with the balance paid in cash.
The sale, which will make Saskcan Horizon a wholly-owned subsidiary of Alliance Grain Traders, is final pending stock exchange approval for the new issue of income fund units.
The income fund, formerly known as Agtech Income Fund, earlier this summer bought Tradewind Commodities, a pulse and special crop processor at Milestone, Sask., and Pulse Depot, a processor at Rosetown, Sask.
Alliance Grain Traders’ other holdings in the pulse processing sector include SaskCan Pulse Trading at Regina, United Pulse Trading in North Dakota, and Australia Milling Group of Stepney, South Australia.
