Zespri global sales top $5 billion for 2024–25 season amid strong demand
Zespri says global sales for the 2024-25 season topped $5 billion on the back of strong demand and market returns.
Bay of Plenty Regional Council's investment company Quayside Holdings, and Te Tumu Paeroa, the office of the Maori Trustee, are set to each take a 10.1% equity stake in Opotiki Packing and Coolstorage Ltd.
OPAC is expecting significant growth in kiwifruit processing volumes in the next three years.
OPAC announced the execution of agreements which will enable it to complete an over-subscribed equity capital raise totalling $4.85 million.
There was strong participation from existing shareholders and suppliers, as well as the two new strategic shareholders to the business, Quayside Holdings Limited and Te Tumu Paeroa.
The transactions, which are subject only to shareholder approval at a special meeting on December 18, will see each of Quayside Holdings and Te Tumu Paeroa take 10.1% equity stakes in OPAC, with each party nominating a director for appointment to the OPAC board.
Quayside Holdings is the investment vehicle of the Bay of Plenty Regional Council, whose major investment asset is a majority stake in Port of Tauranga. Te Tumu Paeroa, the office of The Māori trustee, manages significant Māori land holdings throughout New Zealand and in the OPAC home territory of the Eastern Bay of Plenty.
OPAC is expecting significant growth in kiwifruit processing volume in the next four years from its existing supply base, particularly in the high value Zespri SunGoldTM (G3) Kiwifruit variety.
During 2015, OPAC began a capital investment programme which
will span several years, installing a new packing line and building new cool storage facilities at its Opotiki site.
The equity capital raise supports this investment programme.
OPAC chief executive Ian Coventry says: "The OPAC Board is delighted to be able to take the agreements with Quayside and Te Tumu Paeroa to the shareholders for approval. Their interest in investment in OPAC is a significant vote of confidence in OPAC and the kiwifruit industry.
"The investment also signals confidence in the prospects of both Opotiki and the Eastern Bay of Plenty as an area for horticulture, business development and employment growth. This is also important to OPAC's continuing
success."
Subject to the shareholder approvals, the capital raise will be completed in December 2015, providing a strong capital base for OPAC to plan ahead to both the 2016 kiwifruit harvest, and future investment for growth.
Newly elected Federated Farmers meat and wool group chair Richard Dawkins says he will continue the great work done his predecessor Toby Williams.
Hosted by ginger dynamo Te Radar, the Fieldays Innovation Award Winners Event put the spotlight on the agricultural industry's most promising ideas.
According to DairyNZ's latest Econ Tracker update, there has been a rise in the forecast breakeven milk price for the 2025/26 season.
Despite the rain and a liberal coating of mud, engines roared, and the 50th Fieldays Tractor Pull Competition drew crowds of spectators across the four days of the annual event.
Nationwide rural wellbeing programme, Farmstrong recently celebrated its tenth birthday at Fieldays with an event attended by ambassador Sam Whitelock, Farmers Mutual Group (FMG), Farmstrong partners, and government Ministers.
Six industry organisations, including DairyNZ and the Dairy Companies Association (DCANZ) have signed an agreement with the Ministry for Primary Industries (MPI) to prepare the country for a potential foot and mouth outbreak.
OPINION: ACT MP Mark Cameron isn’t everyone’s cup of tea, but he certainly calls it how he sees it, holding…
OPINION: Did former PM Jacinda Ardern get fawning reviews for her book?