TFS Corporation Ltd has entered into a contract to buy another property as it attempts to expand its Sandalwood plantations.
TFS has signed a deal which will see it acquire the farming property Midway Station in the Katherine region of the Northern Territory for $4,450,000.
The property covers about 2,910 hectares of which TFS believes approximately 1,000 hectares will be developed for Indian Sandalwood plantations.
A TFS spokesperson said: “The Northern Territory land acquisitions, along with our recent Northern Queensland land purchases, represent a continuing move by TFS to diversify its land base outside the traditional Ord River Irrigation Area around Kununurra, Western Australia.”
TFS has also targeted other significant areas to source land within northern Australia.
“In response to the recent fall in the price of its shares since 3 January ASX release, TFS confirms that the business continues to be in a sound financial position and continues to be confident of meeting the company’s previously stated objectives,” the spokesperson stated.