Agria repays $5m on time

Last updated 14:34 19/12/2012

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PGG Wrightson's controlling shareholder, Agria, has repaid half the $10 million it borrowed last year from New Zealand company Livestock Improvement Corporation.

The full amount was due to be repaid two months ago, but Agria negotiated a deal to pay $5m plus interest by today and the other $5m by March 5, 2014.

LIC, a listed co-operative specialising in agricultural technology, anounced the $5m repayment to the stock exchange today.

Agria also obtained an extension to a $25m bank loan, due at the same time, until February 2014.

The Cayman Islands registered, Singapore controlled, China-based company has shares listed on the New York Stock Exchange, but is in breach of listing rules requiring it to maintain a share price of at least US$1.

Agria shares last traded at US71c. (An earlier version of this story incorrectly had the last share price at US17c.)

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