PGG Wrightson is in talks to sell other bits and pieces of its operations, after flicking on its finance arm for about $100 million to reduce debt and concentrate on providing agricultural goods and services to farmers.
The company has agreed to sell PGG Finance to Heartland Building Society, which will take over most of the rural lender's loan book.
With the support of majority shareholder Agria of China, PGG Wrightson chairman Sir John Anderson says the focus is on developing its high-margin seeds, grains and nutrition business.
Sir John says there are still some minor assets to dispose of.
''We've by and large cleaned out the things we want to,'' he said. ''We've sold out of Uruguay and NZ Merino ... things that were distracting to management.''
He did not list other prospects.
Sir John said PGG Wrightson will hold onto about $96.5 million worth of loans and work to realise or refinance them over the short to medium term.
The deal needs investor approval, which is expected at the end of August.
