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Jenny Ruth
Jenny Ruth
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South Canterbury Finance's Scales stake sold for $44m

Tuesday 3rd of May 2011

The sale is subject to a number of conditions, including Scales' shareholders' approval, and is expected to be completed "in coming months," receivers Kerryn Downey and William Black of McGrathNicol said in a statement.

 

Direct Capital, a local investment firm established in 1994, will complete the purchase through its current fund, Direct Capital lV, and with co-investment from the NZ Superannuation Fund and ACC.

"We have worked very effectively with the company and our advisors and this is an excellent result," Downey said.

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