The sale of South Canterbury Finance’s 79.9 per cent stake in New Zealand company Scales Corporation has been approved by shareholders.
New Zealand investment company Direct Capital Investments has bought South Canterbury’s share of Scales for NZ$44m, administrators McGrathNicol confirmed on Friday.
Direct Capital Investments’s bid for Scales was made in May this year, and was given approval following a special shareholder meeting in Christchurch on Wednesday last week.
Scales wholly owns New Zealand’s largest apple grower and packer, Mr Apple, as well as cold stores for the meat and fruit industries and logistics services, among other enterprises.
Mr Apple operates 20 orchards, three packhouses and cold storage facilities, and employs up to 1,800 people in peak season, reported the New Zealand Herald.
South Canterbury Finance went into receivership on 31 August last year.
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