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Article: Capital aim for farming in Uruguay
- Article from:
- The Press
- Article date:
- November 4, 2006
- Author:
CopyrightCopyright 2006 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Rural services group PGG Wrightson says it hopes a capital raising
by a start-up subsidiary will be over-subscribed to raise $150
million to buy Uruguayan farms and intensify production.
PGG Wrightson chief executive Barry Brook yesterday said the
subsidiary, NZ Farming Systems Uruguay (NZFSU), would likely be
listed in its own right.
NZFSU, based on dairy and beef farming in a "Northland" like
climate, will from Monday offer 75m shares at 100c each with the
right to accept over-subscriptions for a further $75m of shares.
NZFSU will use the proceeds to acquire farms in Uruguay and fund
their development into New Zealand style intensive pasture farms,
tripling productivity of some.
There ...