4 May 2011

Finance company's receivers sell Scales stake

4:32 am on 4 May 2011

The receivers of South Canterbury Finance are selling the company's stake in Scales Corporation for $44 million.

McGrathNicol has reached a conditional agreement to sell the 79.7% stake to the New Zealand investment firm Direct Capital.

Scales is a horticulture and primary sector processing, export and logistics business.

Its businesses include Mr Apple, the largest grower, packer and exporter of apples in New Zealand.