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


Richina Sells Its Venison Operations


Statement made by Sir Allan Wright, Chairman, Richina Pacific Limited

Richina Pacific Limited has sold its venison processing and marketing business, Mair Venison Limited, to a private investment company associated with New Zealand Deer Farms Limited.

The price obtained is at a small premium to Mair Venison’s book value (which was $13.5 million at 31 December 2000), and the final price will be adjusted to take into account the actual balance sheet as at the settlement date of 30 April 2001.

Mair Venison is being sold as a going concern. The purchaser has indicated that no employee will be adversely affected by the change in shareholder.

For the financial year ending 31 December 2000, Mair Venison contributed a surplus before tax and interest of $4 million on sales of $43 million. The business has continued to trade strongly in the current year.

We believe that we have developed Mair Venison in its present form to its full potential, and that it is in the best interests of both Richina Pacific and Mair Venison that we sell at this time.

The prospect of the deer farming and breeding activities of New Zealand Deer Farms being associated with Mair Venison’s production and marketing activities will, in our view, provide an enhanced deer supply and ensure its continued development as a leading value added exporter of venison. The investment in deer farming and breeding activities is an area in which Richina Pacific has no particular expertise or interest.

The proceeds from the sale of Mair Venison will be used to support our existing businesses.

Issued on behalf of Richina Pacific by:
Dennis Lynch
Network Communications
Tel 09-379 3154

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news