AGRIBUSINESS Tandou Limited has announced it is selling 16,064 megalitres of water entitlements for more than $17.3 million.
The company told the Australian Stock Exchange last week that settlement of the sale was due early next year.
Tandou chief executive Guy Kingwill said the excellent result showed Tandou's "flexible approach to water investment".
He said Tandou had already begun to replace the water.
In other company news, Tandou has entered into a Heads of Agreement to buy the 6000ha irrigated cotton and grain property, East Farm, on the Murrumbidgee River near Hay, for $5.8 million, with settlement due next month.
He said East Farm enabled Tandou to expand its irrigated cotton and grain production in the Murrumbidgee area.
"Combined with the nearby Pevensey irrigation leasehold development, the company now has a substantial cropping operation based on the Murrumbidgee," he said.
Mr Kingwill said the two properties increased Tandou's annual summer cropping capacity by almost 40 per cent to about 9000ha.
