New Uruguay farm deal on the cards for NZ company

NEW ZEALAND - PGG Wrightson's Uruguay subsidiary is to buy its fourth farm - paying more than $9 million for a 3000-hectare property in the east of the country.
calendar icon 8 December 2006
clock icon 1 minute read
NZ Farming Systems Uruguay has agreed to buy the cattle breeding and finishing farm, but will develop it into a dairying operation.

NZFSU is seeking to raise at least $75 million to invest in diary and beef farms in Uruguay, where PGG Wrightson sees huge potential.

The company is confident it has already got that amount, and has scope for over-subscriptions of another $75 million.

The purchase will be settled after the public offering of shares in NZFSU, closing on December 12.

NZFSU previously agreed to buy three farms from PGG Wrightson based on independent valuations.

The fourth is to be bought from a local owner for $US6.2 million ($NZ9.1 million).

Source: THE DOMINION POST
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