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Broo (AXS:BEE) - CEO Kent Groan - The Market Herald
CEO Kent Groan
Source: Broo
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  • Broo's (BEE) wholly-owned subsidiary, Broo Brewery, has entered a contract of sale to offload its Ballarat property
  • Broo Brewery originally acquired the site for future development but its capacity significantly increased after it signed a brewing agreement with CUB
  • Broo will now use the funds originally meant for the development of the Ballarat Property to boost marketing and distribution of its products
  • The sale of the property will total $7.5 million and will be conditional on approval by Development Victoria
  • Broo shares closed up 12.5 per cent at 1.8 cents on Friday

Broo's (BEE) wholly-owned subsidiary, Broo Brewery, has entered a contract of sale to offload its Ballarat property.

Broo Brewery originally acquired the property in 2017 as a site for the future development of a brewery.

However, Broo's brewing capacity significantly increased after it signed a contract brewing agreement with CUB.

As a result of this partnership, Broo will focus on the outsourced production of its beer products through CUB.

Additionally, the company will also allocate funds towards the marketing and distribution of its products rather than the development of its brewery at the Ballarat Property.

The sale of the property will total $7.5 million and will be conditional on approval by Development Victoria.

The sale is also subject to Development Victoria and Bentley Property Group entering an appropriate agreement within 60 days.

Settlement of the sale of the property is expected to occur on the earlier of 90 days from sale or 60 days from obtaining Development Victoria approvals.

Updates regarding the progress of the sale will be made in due course.

Broo shares closed up 12.5 per cent at 1.8 cents on Friday.

BEE by the numbers
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