AFFCO Holdings will divest 20% of its dairy subsidiary Dairy Trust to three new shareholders.
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When AFFCO formed Dairy Trust earlier this month, the group said that it was in discussions with a small number of investors who would take a key shareholding in the new venture.
Today (27 March), AFFCO told the New Zealand stock exchange that Dairy Investment Fund would take a 10% stake, Waipahi Dairy Farms would hold 5% and Balle Bros Holdings would take 5% of the recently formed dairy venture. Dairy Investment Fund also has the option to take a further 10% of the food group, to be exercised in 30 days.
Depending on whether Dairy Investment exercises this option, AFFCO will retain an 80% stake in Dairy Trust.
Grant Paterson, of Waipahi Dairy Farms, Dacey Balle, of Balle Bros Holdings and Nigel Atherfold, of Dairy Investments will join the board of Dairy Trust.
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