T&G Global is seeking Commerce Commission approval for the $30m purchase of the Freshmax domestic fruit exporting and importing business.
The listed T&G Global is 74% overseas owned by BayWa of Germany and chairman of T&G is Klaus Josef Lutz. A further 20% is owned by Wo Yang, a Hong Kong fruit business.
Smaller institutional and private NZ investors hold 6% and the share value has been steady during the past year in the range $2.50 to $2.80.
No dividend will be paid from the 2019 result.
Despite a difficult year for some NZ fruits and vegetables the company’s international produce division increased revenue by 14% to $305m.
Chief executive Gareth Edgecombe said NZ apple orchards are being replanted in premium varieties and sales of the Envy variety rose by 43%.
“We will focus on delivering improved shareholder returns by harnessing our vertical model strengths from genetics and growing through to sales and marketing to strengthen our existing categories and develop our emerging categories of blueberries and grapes,” he said.
