Hirequip sells stake in Tasman Farms

Equipment hire company Hirequip said it has sold its stake in a dairy farm and a financial asset for $24 million.

The company sold 22 per cent of Tasman Farms to clients of brokerage Forsyth Barr.

It also sold a $20 million receivable on the Pegasus Bay Town development.

The sale of the assets, inherited from Hirequip's former incarnation as Southern Capital, gave the company a profit of $16.8 million, it said.