Sharechat Logo

Sale agreement for SCFs stake in Scales Corp

Wednesday 4th May 2011

Text too small?

Receivers have lined up a sale of South Canterbury Finance's 79.7% shareholding in primary sector group Scales Corp for about $44 million.

The conditional buyer is investment firm Direct Capital.

Receivers Kerryn Downey and William Black of McGrathNicol said Direct Capital had been selected through a competitive sale process, with the agreement subject to several conditions.

South Canterbury Finance collapsed last August, triggering payments by the Crown of about $1.6 billion to depositors under the Crown's retail deposit guarantee scheme.

The receivers said Direct Capital would complete the investment in Scales through its current fund Direct Capital IV, and with co-investments from the NZ Superannuation Fund and ACC.

Scales was a horticulture and primary sector processing, exporter and logistics business. Its operating businesses included apple grower, packer and exporter Mr Apple, a cold store network, bulk liquids storage business, logistics business, and Meateor Foods which exports processed meat used in leading pet food brands.

 

NZPA



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report