PGW to sell half of saleyards complex

PGG Wrightson (PGW) is to sell 50 per cent of its shares in Canterbury Saleyards, which holds leases on the Canterbury Park Saleyards complex, to South Island stock and station firm Rural Livestock.

The companies yesterday said Rural Livestock had taken part in auctions at Canterbury Park since the complex was established, operating under a licence arrangement to the Canterbury Saleyards.

In November, Rural Livestock indicated it wanted a more binding and longer-term relationship with PGW in Canterbury Park Saleyards.

Following negotiations, the companies had agreed to 50/50 ownership of the company, with the new shareholding agreement to be in place by March 1.

- NZPA