PGW sells half-stake to partner in Canterbury saleyards

Listed rural services company PGG Wrightson Ltd is to sell a half-stake in the Canterbury Saleyards Company Ltd to its long-time partner in using the facility, Rural Livestock Ltd.

PGW is not disclosing the terms of the transaction, which follows a request in November from RLL for a "more binding and longer-term relationship" than was achievable through the longstanding licence agreement under which RLL participated in auctions at the province's leading sales value.

The saleyards operate on land leased from the Canterbury A&P Association.

PGW shares were up 1.64% to 62 cents after the announcement.

Businesswire.co.nz

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