Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
This compares to about 26,400 million last year.
It has now completed kiwifruit packing operations in Australia and New Zealand for the 2016 season.
Seeka now heads into the storage and inventory management portion of the season in New Zealand, while at the same time it completes its kiwifruit sales program in Australia. The Australian pear selling season is anticipated to complete in October.
New Zealand volumes handled by Seeka were up by 16.6% at 30.8 million trays. This figure includes approximately 700k trays that will be removed from the inventory or at time of packing, through crop management. All volumes have been handled within the company's infrastructure, and Seeka now moves to managing more than 16 million trays in store.
Australian kiwifruit volumes at 580k trays were behind expectation by about 109k trays, but have sold well in the market. Nashi pears are continuing to be packed out and the selling program expected to be completed in October.
The company is expected to report on its first six months earnings and provide commentary on trading on or around August 25, 2016.
