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

 


Scales mulls mid-July NZX debut

Scales mulls mid-July NZX debut

By Suze Metherell

June 3 (BusinessDesk) - Scales Corp, the fruit and vegetables logistics group controlled by private equity firm Direct Capital, says it is considering listing on the New Zealand stock exchange.

It will release a prospectus mid-June and expects to debut on the main board by mid-July, the Christchurch-based company said in a statement. New shares will be issued by the company while Direct Capital, along with co-investors ACC and the New Zealand Superannuation Fund, will sell down some of its 84 percent shareholding, but remain a cornerstone investor.

The fruit logistics company lifted its annual profit 50 percent to $20.4 million in calendar 2013, with sales from its orchard and exporting business Mr Apple benefiting from strong apple prices and growing Asian demand, Scales said at the time. Apples made up a third of New Zealand's $1.55 billion in fruit exports in the year ended March 31, with Thailand the biggest destination in Asia accounting for $46 million in annual sales.

Scales also owns and operates air freight service Balance Cargo, has North and South Island cold storage operations Polarcold and Whakatu Coldstores, a fruit juice concentrate business Pro Fruit, and a pet food unit Scales Meateor.

Deutsche Craig and First NZ Capital are lead managers of the offer.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news