Turners & Growers set to list

By Duncan Bridgeman

Friday 27th August 2004

Turners & Growers is set to list on the NZX within three weeks, according to chairman Tony Gibbs.

However, he remained coy as to whether the compliance listing would be quickly followed by a share issue.

"The capital raising remains a possibility," he said.

It is widely expected that Gibbs' Guinness Peat Group will sell down part or all of its 80% stake in the company once listed.

Investment sources said a prospectus for a share issue could be in the market as early as October.

However, Gibbs said it might not be until next year.

Turners & Growers said in March that it would spin off its processing business, Enzafoods, before it listed.

That business has about 55% of the pipfruit export business in this country and included three juicing plants.

Gibbs said yesterday Enza Foods would be spun off following the listing, in the same manner as the divestment of Turners Auctions.

The pipfruit export sector was controlled for 50 years by the Apple & Pear Marketing Board, which launched the marketing brand Enza in 1991.

The board was wound up in 2001 and shares in Enza given to all growers. GPG bought a majority of the shares, then merged Enza's export and processing divisions into Turners & Growers, the major domestic fruit and vegetable wholesaler.

Turners & Growers is heading toward $1 billion turnover, with 1500 employees here and overseas.

Comments from our readers

No comments yet