Duxton Water (ASX:D2O) entered into an AU$121.3 million sale agreement with the Australian Federal Government to sell 30,614.7 megalitres of water entitlements, according to a Thursday filing with the Australian bourse.
The sale includes both high-security and general security water across the Murray-Darling Basin in Southeastern Australia and is being executed at a premium to the company's current net asset value, the filing said.
The Board expects the transaction to positively impact future profitability, with proceeds to be used to settle AU$19 million in contracted water entitlement acquisitions and reduce the company's debt facility.
Settlement is subject to water authority approvals, with completion expected within 10 business days of approval, the filing added.
Shares of the company rose 5% in recent Thursday trade.
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