Carlos Casado, a company majority-controlled by Grupo Sanjose, sells 32,900 hectares in the Paraguayan Chaco for $16.45 million
01/04/2011

The Argentinean company Carlos Casado has accepted to sell its land in the Paraguayan Chaco, at the so-called Picada 500, to the Paraguayan company Cooperativa Colonia Multiactiva Fernheim Ltda.

The company chaired by Jacinto Rey has made public the sale of 32,900 hectares of land at $500/hectare through an official submitted to the Buenos Aires Stock Exchange. EBITDA amounts to nearly $14068 million.

The agreement between both companies also includes a call option available till 2010 for an additional 6,000 hectares of land.

Carlos Casado, founded in 1909 and listed on the Buenos Aires Stock Exchange (1958) and New York (2009), owns, 277,100 hectares of land in the Paraguayan Chaco (alter the above mentioned sale).

This important asset, together with the innovative spirit of the Group and the important agreements signed with highly specialized partners, allows Carlos Casado to decisively take on new projects, stimulate its activities, and increase its investments and diversification of business lines: Agriculture, Livestock, Forestry, Bio-energy and Bio-fuels, Bio-pharmacy, Nature and Conservation, Eco-tourism and Investments.

The goal of Carlos Casado’s Strategic Plan is to consolidate its traditional business lines and develop activities implemented in the last two years, which require an increasing investment in research and innovation and new technologies.