Allied Farmers sells Taranaki real estate unit worth 26 percent of group's value

Mon, 22 Apr 2013

April 23 (BusinessDesk) - Allied Farmers, which kept itself alive last month through a fire sale of toxic loans, has sold its Taranaki real estate unit for $472,500, more than a quarter of the group’s value by market capitalisation. The Hawera-based firm sold its Allied Farmers First National business to the unit's manager's Shawn Gibbon and Owen Mills as part of its asset sale and debt reduction process for its rural business, the company said in a statement. The sale price was about 26 percent of Allied's $1.82 million market cap. Issuers...

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