EastPack eyes $30m capital raise
Kiwifruit and Avocado packhouse, EastPack has announced its intentions to raise $30 million via an issue of five-year subordinated notes to New Zealand investors.
The awards also saw former FMG chief executive Chris Black take home the award for Outstanding Contribution to Co-operatives. Zespri and NZ Blackcurrants Co-operative were also recognised with Enduring Service Awards.
EastPack chief executive Hamish Simson says the co-operative is delighted to be recognised as the 2022 Cooperative of the Year.
“The award reflects the hard work of many people including our local growers and committed staff,” Simson says.
“In what has been a challenging period for the industry, EastPack has delivered a strong performance for its growers, delivering above industry average orchard returns and low fruit loss, while at the same time delivering increased local employment and recording high staff engagement,” he says.
Simson says that as well as responding to a range of challenges, EastPack is preparing for growth.
“Over the next five years, kiwifruit are set to grow significantly. To accommodate this growth in international demand, we will continue to expand our packing capacity to process the additional kiwifruit from our growers. Most of this growth is already planned and on its way,” he says.
Earlier this month, EastPack announced a $30 million notes issue to meet the forecast growth in kiwifruit demand. The offer closes on 12 December 2022.
Cooperative Business NZ represents New Zealand’s member-owned businesses (cooperatives and mutuals). The Cooperative Business NZ Awards highlight the outstanding leadership and accomplishment of these businesses and their leaders.
