Scoop has an Ethical Paywall
Agria repays $5 million loan, interest owed to LIC
Agria repays $5 million loan, interest owed to Livestock Improvement
Dec. 4 (BusinessDesk) - Livestock Improvement, the farmer-owned bull semen and dairy genetics company, said China’s Agria has made early repayment on the balance of a loan that allowed it to take control of PGG Wrightson.
LIC provided the loan as part of Agria’s $144 million partial takeover of Wrightson in 2011 and last year gave the Chinese company until March 2014 to repay the balance, extending an earlier deadline. The funding allowed Agria to take control of New Zealand’s biggest rural services company including its valuable portfolio of proprietary seeds.
LIC today said Agria “has repaid the $5 million principal outstanding on the loan from LIC together with all interest owed up to this point. The payment marks early settlement of the balance of a loan of $10 million made by LIC to Agria in April 2011.”
LIC's shares last traded at $6.50 and have gained 20 percent this year.
(BusinessDesk)
John Mazenier: Gaffer Tape And Glue Delivering New Zealand’s Mission Critical Services
Earthquake Commission: Ivan Skinner Award Winner Inspired By Real-life Earthquake Experience
Reserve Bank: Consultation Opens On A Digital Currency For New Zealand
NIWA: Ship Anchors May Cause Extensive And Long-lasting Damage To The Seafloor, According To New Research
New Zealand Customs Service: A Step Forward For Simpler Trade Between New Zealand And Singapore
Horizon Research: 68% Say Make Banks Offer Fraud Protection
