Pyne Gould Corporation has sold its remaining stake in lender Heartland New Zealand.
The George Kerr-controlled investment concern sold its 3.9% holding of 15 million shares for $7 million.
The company says it will use the proceeds for further investment.
The company had already collected $25 million from progressively reducing its holding in Heartland and PGG Wrightson in which it still has a 0.9% stake.
Pyne Gould said $22 million of that would be used to repay bank debt.
A subsidiary of Pyne Gould, Torchlight Fund, has been ordered to repay $13 million in related party loans owed to another Pyne Gould unit, Perpetual Trust by the end of the month.