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

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news