Annual Shareholders Meeting 2009
Premium Japanese Company takes stake in Seeka
Japanese produce logistics company Fresh MD Holdings Inc has agreed to acquire an 18.8% stake in Seeka Kiwifruit Industries Limited.
Seeka chief executive Michael Franks says the investment is a very positive development for Seeka and the New Zealand kiwifruit industry generally.
“Fresh MD Holdings operates major logistics, ripening and fruit processing operations in Japan and is a significant handler of New Zealand kiwifruit. The association with Fresh MD Holdings strengthens our link with the important and valuable Japanese market.
“This is a vote of confidence in our business model and operating systems, and recognises the efforts of all Seeka staff to deliver an efficient supply service to our orchardists, our marketer Zespri, and to our international customers.
“Fresh MD Holdings are enthusiastic about their shareholding, and see opportunities for both companies to deliver operational synergies. This is an exciting opportunity for Seeka."
Fresh MD Holding’s major shareholders include the fresh produce specialist Dole, and the Sumitomo Corporation. Fresh MD Holdings also has a number of smaller shareholders.
The agreed price of the transaction is $3.60 per share [ex $0.10 dividend] for 2.363m shares. The total purchase price is $8.5m with the shares to be purchased from former Seeka director Chris Morton.
