Pyne Gould Corporation has reduced its shareholding in the rural services firm PGG Wrightson to 7%, and increased its stake in the building society Heartland New Zealand to just over 10%.
PGC chairman Bryan Mogridge says he believes the swap will enhance shareholder value over the near term.
PGG Wrightson shares were sold for 40 cents a share, while Heartland shares were bought for just under 45 cents a share.