New Zealand fruit export and logistics corporation set to release new and existing shares to investors by mid-July
Scales Corp, the fruit and vegetables logistics group which owns New Zealand’s largest apple exporter Mr Apple, has announced it is considering listing on the New Zealand stock exchange.
In a statement, the group said it would publish a prospectus by mid-June and that shares were expected to appear on the exchange’s main board by the middle of July.
New shares will be issued by the company while its majority shareholder, the private equity firm Direct Capital, which owns 84 per cent of Scales through its Direct Capital IV and Pohutukawa II funds, will sell down some of its shareholding alongside co-investors ACC and the New Zealand Superannuation Fund.
Scales recently posted an annual profit of NZ$20.4m for 2013, 50 per cent up on the previous year’s result, buoyed by strong prices for Mr Apple’s apple exports on the back of increased demand in Asia.
The group also owns and operates airfreight service Balance Cargo, ocean freight service provider Scales Logistics, coldstorage operators Polarcold Stores and Whakatu Coldstores and fruit juice concentrate business Pro Fruit.