Kiwi Co-operative Dairies Welcomes BNZ Initiative

Wednesday, 13 June 2001, 10:27 am
Press Release: Mediacom press release distribution

Kiwi Co-operative Dairies Limited Welcomes BNZ Initiative

Bank of New Zealand’s move to provide 100 per cent funding for Kiwi Co-operative Dairies shareholders to purchase shares to allow increased production, has been warmly welcomed by the company.

At the launch of Farm First Dairy Share Loan finance package at Mystery Creek today, Kiwi Co-operative Dairies Limited Deputy Chairman, Ian Armstrong said the package was fully in synch with Kiwi’s Fair Value Share Standard and he anticipated considerable interest in the package from Kiwi suppliers.

“The mere fact that we have a major bank responding to the dairy industry’s four per cent growth objective in such a practical manner is a plus for the whole industry, not just for Kiwi,” said Mr Armstrong.

Mr Armstrong said Kiwi suppliers would be pleasantly surprised to find that Farm First Dairy Share Loans were available to all Kiwi suppliers, not just Bank of New Zealand customers, and linked to wholesale interest rates.

He said that with the vote on the Global Dairy merger imminent, Farm First Dairy Share Loans would remain attractive to dairy farmers whatever co-op structure emerges for the future of the industry.

Ends

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