PGG Wrightson sells Pyne Gould, NZFS Uruguay shares

PGG Wrightson said today it has sold its shares in Pyne Gould Corporation (PGC), and sold surplus shares in NZ Farming Systems Uruguay, for a total of $27 million.

PGG Wrightson will use the proceeds to pay down debt.

The sale of the PGC shares, bought in 2005 ahead of the merger between Pyne Gould Guinness and Wrightson, settles in early May.

PGG Wrightson will keep 18 million shares in NZ Farming Systems Uruguay, issued as consideration for the purchase of farming properties.

Shares in PGG Wrightson were up a cent today at $1.49.

- NZPA