Sanford announces North Island inshore transaction

Sanford Limited (NZX: SAN) has agreed to sell the Annual Catch Entitlement (ACE) for much of its North Island inshore species quota to Moana New Zealand through a long-term agreement.

The deal includes two fishing vessels, processing equipment and refrigerated vehicles/trailers, as well as the closure of Sanford's fish processing plant in Auckland.

The transaction, which is conditional on approval from the New Zealand Commerce Commission, is expected to settle in Q4 FY23.