Sharechat Logo

Seeka reaps $15.9M from Northland sales

Tuesday 23rd October 2018

Text too small?

Seeka has agreed to sell five Northland kiwifruit orchards for $15.9 million.

The orchard manager and marketer said the buyers will become long-term suppliers to Seeka, which will manage the properties. Four of the orchards were acquired as part of Seeka’s $40 million purchase of Turners & Growers’ Northland horticulture business in April.

Te Puke-based Seeka said the sale price exceeds the firm’s purchase price and holding costs. Negotiations are continuing for the remainder of the portfolio.

The firm’s shares fell 5 cents to $5.95 and are down almost 9 percent this year.

Seeka, the biggest kiwifruit producer in New Zealand and Australia, said in July it planned to sell nine orchards in Northland covering 288 hectares. They included six orchards acquired from Turners and Growers.

Selling the orchards would allow the firm to focus on refurbishing a Kerikeri packhouse and cool store acquired as part of that transaction.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

WHS FY25 Interim Results teleconference details
VGL - Odeon Cinemas Group signs for Vista Cloud
DGL - T&G appoints new Director
TEM - Transaction in Own Shares
Fonterra lifts FY25 earnings guidance
Fonterra releases divestment roadshow presentation
March 10th Morning Report
NZM - Update on director nominations and shareholder proposal
2 Cheap Cars secures new finance facility with ANZ Bank
March 7th Morning Report