Sept. 4 (Bloomberg) -- Elders Ltd., which today reported a full-year loss of A$415.4 million ($349 million), said it will raise as much as A$550 million to pay debt and strengthen its balance sheet.

The owner of the world’s largest wool broker will sell A$400 million to institutional investors and raise a further A$150 million from a share purchase plan, Elders said in a statement to the Australian stock exchange today.

Elders Chief Executive Officer Malcolm Jackman has been clearing the company’s books of businesses as varied as cattle ranching, timber, aquaculture and telecommunications. The Adelaide-based company said Aug. 31 it will sell ITC Timber Pty Ltd., its hardwood timber processing unit, and its 50 percent stake in Smartfibre Pty Ltd. to Gunns Ltd.

“Completion of the equity raising will provide the capital injection necessary to secure the longer-term financing we have been seeking, thereby removing the uncertainty which has weighed on our business over the past 12 months,” Jackman said in the statement.

The net loss in the 12 months ended June 30 compared with a profit of A$36.4 million a year earlier, the company said. The loss included charges of A$236.2 million in asset writedowns and impairments, and reorganization and refinancing charges.

Revenue from continuing operations slumped 20 percent to A$2.74 billion, Elders said.

Elders shares fell 1.3 percent to 39 Australian cents when last traded on the exchange on Aug. 28. The stock, which is still suspended, has slumped 40 percent this year.

To contact the reporters on this story: Jason Scott in Perth at jscott14@bloomberg.net; Angus Whitley in Sydney at awhitley1@bloomberg.net

Last Updated: September 4, 2009 05:46 EDT