Feb. 23 (Bloomberg) -- -- Futuris Corp., whose businesses range from forestry to rural and automotive services, sold a 14.99 percent stake in Australian Agricultural Co. for A$67.4 million ($43.5 million) to IFFCO Group.

The company sold 39.6 million shares of Australia’s largest cattle rancher at A$1.70 a piece, Adelaide-based Futuris said today in a statement. IFFCO, a closely held United Arab Emirates- based business, makes and sells consumer products including food and beverages.

Futuris last week sold a 19.9 percent stake in Australian Agricultural to interests controlled by Allan Myers as it divests assets to focus on its rural unit. The company hired Citigroup Inc., ABN Amro Morgans Ltd. and ABN Amro Holding NV to sell its remaining 20.6 million shares in the cattle rancher by way of a global stock sale to institutions.

“The sale signals that our plan to divest our interest in Australian Agricultural is rapidly drawing to a close,” Chief Executive Officer Malcolm Jackman said in the statement to the Australian stock exchange.

To contact the reporter on this story: Madelene Pearson in Melbourne on mpearson1@bloomberg.net

Last Updated: February 22, 2009 18:20 EST