PGW to sell Canterbury Saleyards stake

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

The companies today 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 Co.

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 saleyards company, with the new shareholding agreement planned to be in place by March 1.

- NZPA