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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news