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Malaysian deal nears for Kimberley station
(Friday, 11 April 2014 - ABC News)

West Kimberley cattle station Yakka Munga is moving closer to being sold to a Malaysian Government owned agricultural company.

The deal, which is still being negotiated, will see Felcra Bhd and Grain Synergy buy majority of the property. However, current owner Nathan Webb-Smith says he'll continue to hold a percentage.

The price has not been confirmed, but it's expected the deal will be completed in the next few months.

Mr Webb-Smith says Yakka Munga has been working with Felcra for sometime.

"We have been in negotiations with Felcra for some time. We have had two delegations come across and do an inspection at Yakka Munga in the past four five months.

"Nothing is actually signed away. I haven't received any actual money yet, but certainly we are in negotiations."

Mr Webb-Smith says it has been a slow process.

"Probably the slowest thing about it is Felcra and basically all companies in Malaysia are government owned.

"Therefore there's a whole set of procedures that they have to follow. They have to get approval from the Ministry of Finance, there's a lot of steps and procedures they have to follow in order to make things happen."

However, Mr Webb-Smith does say he's confident the sale will be successful.

"From this end, we have had nothing but positive reports from all from the Ministry of Finance, right through Malaysia, right through to all the company board members, to all their delegates. We have had the green light from every group we have spoken to so far."



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