Skeggs Group unloads Pacifica Salmon
Dunedin-based Skeggs Group has divested itself of most of its aquaculture interests as it continues to reinvest heavily in its expanding southern tourism holdings.
It sold the majority of its aquaculture assets to listed Sanford Ltd. in November 2010 for AUD 85 million. At the time, it retained its Bluff oyster and salmon holdings, but the latter have just been sold to Malaysian-majority interests for almost AUD 1 million.
The privately owned 60-year-old Skeggs Group has sold its Pacifica Salmon Ltd. subsidiary company for AUD 950,000 to The New Zealand King Salmon Co. Ltd., a Malaysian majority shareholder company which this week gained consent from the Overseas Investment Office for the purchase.
The asset is 5.65 hectares of freehold land, which includes a salmon hatchery at Rotherham Rd. North, Waiau, north Canterbury, and the buyers intend to increase production capacity.
It was understood Pacifica Salmon Ltd. had two salmon farms in the Marlborough Sounds and development interests elsewhere.