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

 


Port of Tauranga spends $34M on log marshaling business

Port of Tauranga spends $34M on log marshaling business

Dec. 12 (BusinessDesk) - Port of Tauranga, the country's biggest export port, will spend $34 million on Mount Maunganui-based log marshalling and scaling business Quality Marshalling.

The deal will take effect from February next year and immediately add to the port's earnings, the company said in a statement. Quality Marshalling had revenue of $18 million in the 2012 year, and is privately owned by local forestry businessman Ken Holmes.

"We look forward to working together to growth the company for the benefit of our customers," chief executive Mark Cairns said. "Quality Marshalling is a very well-run company with excellent growth prospects."

The deal comes a month after Port of Tauranga had to sell its 50 percent stake in stevedoring and marshalling business C3 to Australia's Asciano for $70 million. The Australian rail freight and ports operator exercised its right to buy out the port’s holding.

The port's shares decreased 0.4 percent to $13.05 in trading today, and have climbed 31 percent this year.

Holmes bundled several companies into Quality Marshalling in April this year, in an amalgamation with Kopuriki Log Transfer, Fibre Recovery, Sawmill Services and M&CG Transport, according to documents lodged with the Companies Office.

At the time of the amalgamation, Holmes signed a director's certificate stating that "although the proportion of the claims of creditors of the amalgamated company in relation to the value of the assets of the amalgamated company will be greater than the proportion of the claims of creditors of Quality Marshalling (Mount Maunganui) Limited in relation to the value of assets of Quality Marshalling (Mount Maunganui) Limited, no creditor will be prejudiced by this fact."

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news