COMMENT:

A skinnier PGG Wrightson focused on servicing the Kiwi agri-sector seems like a back-to-the-future moment.

After all, the country's biggest rural services firm had built up an export seeds business, owned farms in Uruguay, had a sizeable agricultural loan book, and at one stage seemed like it had an easy in to China's vast primary industries through cornerstone shareholder, Agria.

The Asian investment looked like a good fit a decade ago, throwing Wrightson a lifeline after the failed Silver Fern Farms merger left it with a mountain of debt smack-bang in the middle of the GFC.

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While it seemed