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

 

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

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:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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