New Zealand-based fresh produce exporter Seeka Kiwifruit Industries is set to expand its production by up to 5m trays after being given the go-ahead to purchase Te Awanui Huka Pak in a NZ$24m deal.
Major shareholders in Te Awanui Huka Pak, a kiwifruit and avocado packer based in Mt Maunganui, are said to have given their approval to the takeover, which looks set to be sealed at a shareholders meeting on 23 November, reports the National Business Review.
According to the publication, the acquiescence of the major shareholders, who together are said to hold 81.8 per cent of shares, means that the deal now looks certain, as only 75 per cent of shareholders are required to approve the proposal.
Seeka currently markets an estimated 20 per cent of New Zealand’s overall kiwifruit crop, around half of which is produced by the company’s own network of growers.
No comments yet