Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Sealord Purchased For NZ$207,750,000

JOINT STATEMENT FROM: Brierley Investments Ltd
Nippon Suisan Kaisha (Nissui)
Treaty of Waitangi Fisheries Commission


SEALORD PURCHASED FOR NZ$207,750,000

The Treaty of Waitangi Fisheries Commission (Te Ohu Kai Moana) and Nippon Suisan Kaisha (Nissui) have purchased Brierley Investment Ltd’s (BIL’s) stake in Sealord Group for which BIL will receive a gross consideration of NZ$207,750,000. The sale agreement was signed in Wellington at the weekend.

Commission Chairman Shane Jones said: “we are delighted to form a partnership with Nissui. The key issue for us was selecting the best partner for the further development of Sealord. Nissui is a former shareholder of Sealord and a company with a proven track record in New Zealand.”

Nissui’s New Zealand spokesperson Graeme Harrison said: “in partnership with the Commission, Nissui is planning to grow the business in New Zealand and overseas, and use its skills in processing and marketing to enhance Sealord’s value-added strategy. Already Nissui has plans for investment in processing that will be significant for Nelson and the wider New Zealand seafood industry.”

“Nissui has existing relationships with New Zealand companies including its shareholding in ANZCO Foods Ltd, longstanding sponsorship of the New Zealand Rugby Football Union and customer relationships with Heinz Wattie and Quality Bakers,” Mr Harrison said. “Nissui was a shareholder in Sealord from 1973 to 1990. During that time, Nissui supported Sealord’s onshore development of hoki processing and staff numbers at Sealord grew from about 200 to more than 800.”

BIL Chief Executive Officer Greg Terry said: “over the last seven years, Sealord has become a global company with an international marketing network, with joint ventures in a number of countries around the world. Some time ago, we signalled that Sealord had reached its maximum value under current ownership and that the company needed a partnership with an international industry player. We are pleased it will now have such a partner.”

The transaction is subject to Overseas Investment Commission approval. The price consists of NZ$181,500,000 in cash, payable in full on completion, and the assumption by the purchaser of debt of NZ$26,250,000.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Wainui: Major Infrastructure Partnership For North Auckland

Minister of Housing and Urban Development Phil Twyford and Auckland Mayor Phil Goff today announced a partnership that will fund $91 million of roading and wastewater infrastructure to support the building of 9000 homes... More>>

ALSO:

NZ's Space Programme: Rocket Lab Reaches Orbit Again

Rocket Lab has continued the success of its 2018 orbital launch program with the launch of seven payloads to orbit. The mission marks Rocket Lab’s second successful orbital launch and deployment of customer satellites. More>>

ALSO:

Supreme Court: Labelling Swamp Kauri Slab A Tabletop Doesn't Make It One

New Zealand's highest court has ruled that exporting slabs of swamp kauri as "tabletops" or swamp kauri logs as "totem or temple poles" is illegal under the Forests Act. More>>

ALSO:

Starting Ending Offshore Drilling: Green Party Celebrate Passing Of Oil And Gas Bill

“This Bill is an essential first step in winding down offshore exploration for new sources of fossil fuels. We are in Government together to do this work, to create the change our people and our planet need to flourish." More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged

The Official Cash Rate (OCR) remains at 1.75 percent. We expect to keep the OCR at this level through 2019 and into 2020. More>>