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Ballance To Increase Stake In Summit-Quinphos

10 January 2005

Ballance To Increase Stake In Summit-Quinphos

Nationally operating fertiliser co-operative Ballance Agri-Nutrients is to increase its shareholding in the country’s third largest fertiliser marketer, Summit-Quinphos(NZ) Ltd, from 30% to 40%.

Chairman of Ballance, David Graham, said it is purchasing for an undisclosed sum the remaining 10% shareholding of founder and General Manager, Dr Bert Quin. The controlling 60% shareholding is held by Sumitomo Corporation of Japan.

“Our shareholding in Summit-Quinphos is an investment in a dynamic, specialist fertiliser marketer that concentrates on slow release reactive phosphate rock ( RPR ) products, and holds intellectual property rights to a number of environmentally friendly technologies and processes,” said Mr Graham.

"It holds an average 7% market share nationally, comprised of 9% in the North Island and 4% in the South

“We have been an investor in Summit-Quinphos for four years, and it has been a sound investment for us.

“When Dr Quin made the decision to sell the remaining equity stake he holds, we agreed to increase our holding. Sumitomo is supportive of the shareholding change.”

Ballance Chief Executive, Mr Larry Bilodeau, said that through Summit-Quinphos Ballance had representation in an area of the market which was looking for alternative fertiliser products that were not readily available direct from Ballance .

“We see Summit-Quinphos operations continuing as previously, with it remaining a competitor offering alternative fertiliser products to those marketed by Ballance Agri-Nutrients,” he said.

Dr Quin will continue to be General Manager of Summit-Quinphos.

ENDS

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