6 May 2015

Business briefs

6:31 pm on 6 May 2015

A round-up from Radio New Zealand's business reporter; KiwiSaver funds grow exponentially, wine company plans to buy farm for $29.3 million, and NZ firm gets access to $50 million market.

KiwiSaver funds grow exponentially

KiwiSaver funds grew by $1 billion in the first three months of the year.

NZX-owned research house, FundSource, said KiwiSaver funds now make up more than half or 52 percent of all retail funds under management, compared to 47 percent in March 2014.

Its March quarter report showed $987 million flowed into KiwiSaver, $40 million more than the December quarter.

For the 12 months to the end of March, KiwiSaver funds grew by $4.2 billion, taking the total amount in KiwiSaver to $27.3 billion, up from $25.4 billion in December.

Wine company plans to buy farm for $29.3 million

Delegat Group said it planned to buy an 838-hectare farm in the Hawkes Bay.

The wine company will buy the farm in the Crownthorpe region from the Hopkins Farming Group for $29.3 million, using Delegat's existing long-term bank facilities.

Managing director of Delegat, Graeme Lord said the region produced world class super premium wine grapes.

NZ firm gets access to $50 million market

Cervical cancer screening firm TruScreen has been granted approval to sell its device in Thailand, giving it access to an estimated $50 million market.

TruScreen's cervical cancer technology took scientists 15 years to develop.

It uses a digital wand to identify pre-cancerous change in the cervix.

TruScreen was recently granted Chinese authorities approval to sell its product there.

The company's share price rose 21 percent this morning.