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

 


Shanghai Pengxin agrees to buy Lochinver Station

Pengxin widens NZ farm portfolio, buying 13,800 hectare Lochinver Station

Aug. 1 (BusinessDesk) - Shanghai Pengxin Group is adding to its portfolio of New Zealand dairy assets with agreement to acquire the 13,800 hectare Lochinver Station near Taupo reportedly worth $70 million.

The purchase by Pengxin subsidiary Pure 100 Farm is subject to Overseas Investment Office approval and will then need clearance in China, the company said in a statement.

The OIO cleared Pengxin to purchase the 16 Crafar dairy farms and the company also owns 74 percent of Synlait Farm Holdings in the South Island, which supplies Synlait Milk. The company also has a supply and purchase agreement with Miraka for ultra-heat treated milk to target the Chinese market.

Pengxin “plans to secure operational synergies over time with this planned farm acquisition and some of its neighbouring North Island farms,” according to a statement released by a public relations agency.

According to an online Bayleys advertisment, Lochinver Station "features both exceptional scale and standard, currently operating as a profitable sheep and beef breeding and finishing station supplemented with dairy grazing. It is predominantly flat to easy hill country, ensuring the farm’s potential for a range of farming systems, including dairying, dairy support, stud, deer farming, cropping, sheep and beef finishing.".

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news