Fonterra Co-operative Group Limited (NZX: FCG) has agreed to sell its China farms for $555 million or RMB 2.5 billion, after successfully creating the farms alongside local partners. A subsidiary of China Youran Dairy Group Limited, Inner Mongolia Natural Dairy Co. Ltd has decided to buy the company’s two farming-hubs in Ying and Yutian for $513 million.
The company has also agreed to sell its 85% stake in its Hangu farm to Beijing Sanyuan Venture Capital Co., Ltd. for $42 million.
Gentrack Announces Change in Director
Gentrack Group Limited (NZX: GTK) has appointed Stewart Sherriff as a non-executive director, effective 5 October 2020. He was the CEO of 2degrees, NZ telecommunications provider, from 2013 – 2019.
Leigh Warren has left the position of non-executive director. In the month of February 2020, he had advised the annual meeting of shareholders that he will continue as director till the new CEO, as well as replacement director, were appointed.
Property for Industry Limited Acquires an Industrial Estate
Property for Industry Limited (NZX: PFI) has acquired an industrial estate situated at 528-558 Rosebank Road in Avondale, Auckland. The estate consists of 9 buildings with a lettable area of ~27,000 sqm on a five-hectare site.
The purchase price of the estate is $65.55 million, indicating an initial return of 5.2 percent. The settlement of the acquisition would be taking place during the 4Q of 2020.