Sharechat Logo

NZX sells Australian grain data business, closes Melbourne office

Friday 27th July 2018

Text too small?

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)

 

  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:

NZ dollar trades near 2019 low on Aussie rate outlook, China worries
Short window left to lock in good interest rates on term deposits
MediaWorks breakeven stymied by radio
Loan-to-value restrictions effective but have some drawbacks - RBNZ
Yili deal a timely cash injection for Westland farmers - ANZ
AFT interested in medicinal cannabis but says it's not commercially viable yet
Serko chalks up another year of 28% sales growth, profit dips on acquisition adjustment
NZ first-quarter retail sales grow 0.7%, slightly better than expected
SkyCity poised to enter online gaming space
AFT narrows net loss, turns cash flow positive

IRG See IRG research reports