Crafar Farms plans to sell its property, including 13 dairy farms and three dry stock. Landcorp did not get any success in its bid for crafar farms, but the latter is seeking a potential buyer.
The firm has received more than 50 bids in the tender process for either all or some fragments of the properties.
The tender process came to an end, last week. But it has been heard that receivers Michael Stiassny and Brendon Gibson had already signed a deal with UBNZ Funds Management (80% owned by New Zealand-based UBNZ Trustee and 20% by Natural Dairy) owned by Auckland businesswoman, May Wang.
Landcorp, so far, is the only bid, which has seen failure. Though, the bidding amount was not disclosed, but it was less than Crafar’s expectations.
The sale and purchase agreement had been realized with UBNZ Funds Management after the consent of Overseas Investment Office. A sum of $213.2 million and equity proportion will be paid by UBNZ Funds to the receivers. The deal was so framed that it would benefit the receivers and shareholders both.
The deal would not only benefit the Crafar Farms, but will increase employment, augment export revenues, taxation and offer an overall lift to the agricultural sector and rural industries of New Zealand, as stated by Graham Chin, Vice-Chairman of Natural Dairy Holdings.