07:50 AM EDT, 07/03/2024 (MT Newswires) -- Ceres Global ( CERGF ) an agricultural, energy and industrial products merchandising and supply chain company, on Wednesday said it has sold its 17% stake in Canterra Seeds Holdings to United Farmers of Alberta Co-operative (UFA).

Ceres sold 1.3 million Canterra Seeds Class A common shares at $1.94 apiece to UFA for a total of $2.5 million in cash.

"Aligned with our strategy to streamline our asset footprint, the disposition of Canterra Seeds allows Ceres to continue focusing on our core business while improving efficiencies," said Ceres CEO Carlos Paz.