NZX sells Australian grain data business, closes Melbourne office

Friday 27th July 2018

NZX has sold its Australian grain data business to Rural Bank for an undisclosed figure, and will close its Melbourne office.

In a statement, the stockmarket operator said the sale of the business assets of Australian Crop Forecasters and Profarmer Australia would be effective from Aug 31. NZX will write down $2.1 million in intangible assets, it said. The company had $36.3 million in intangible assets at Dec. 31, 2017.

"The transaction continues the NZX’s execution of its strategy announced in November last year, which outlined an increased focus back on its core markets business," NZX chief executive Mark Peterson said.

Earlier this year, NZX sold its rural newspaper Farmers Weekly to its former owners Dean and Cushla Williamson for an undisclosed sum, with the new entity taking on all 15 staff.

NZX shares last traded at $1.10 and have dipped 1.8 percent this year. The company's first-half earnings announcement is scheduled for August 15th.

(BusinessDesk)

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