Marlborough Wine Estates plans NZX de-listing

Marlborough Wine Estates Group has announced its intention to apply for de-listing from the NZX and operate as an unlisted company.

The decision comes after a review of options by the company's board.

The de-listing will be subject to shareholder approval at the annual shareholder meeting scheduled for December 20, 2024, and will only proceed if both shareholder and NZ RegCo approvals are obtained.

Marlborough Wine Estates, which first listed on the NXT market in June 2016, cited the challenges faced by the New Zealand wine industry, including a decline in wine export volumes, as a factor in the decision.

The company said the de-listing would allow it to reduce costs, improve its balance sheet, and focus on its operations in the wine industry.