SOE to invest $1m in ECan pest control company

State-owned enterprise AgriQuality is to invest $1 million in Environment Canterbury's pest control company in exchange for a 45 per cent shareholding.

ECan chairman Sir Kerry Burke said a further $109,000 (4.9 per cent) would also be invested in the company - Target Pest Enterprises Ltd - by a newly formed, staff shareholding company.

This would leave ECan with 50.1 per cent ownership, he said.

Target Pest was established in 1999 to protect the region from an increase in rabbit numbers and to control the spread of bovine tuberculosis.

Turnover has grown from $2 million per annum in 1999 to $15 million.

The new shareholding is expected to be approved July 30

- NZPA