-- Rivco Australia (ASX:RIV) signed a five-year water lease agreement valued at around AU$11.7 million with Kyndalyn Park, a wholly owned subsidiary of Select Harvests (ASX:SHV), strengthening its long-term water access arrangements, according to a Wednesday filing with the Australian bourse.
The agreement covers a mix of water entitlement zones and is scheduled to start on July 1, per the filing.
The company expects this long-term agreement to expand its lease portfolio and strengthen its contracted revenue base, with about 82% of its portfolio by value leased from July 1, following execution of the deal, the filing added.
Rivco Australia's shares gained about 2% in recent Wednesday trade, while Select Harvests' shares added 1%.