4 Mar 2019

Today's business news: What you need to know

3:17 pm on 4 March 2019

Latest - Rural services company PGG Wrightson has cleared all but the last hurdle in its bid to sell its seeds and grains business.

The Danish farmer owned co-op, DLF Seeds, which is buying the business, has met the last of the outstanding regulatory requirement conditions at its end.

The sale is now subject only to the approval of the Overseas Investment Office here in New Zealand.

Committee announced for NZ capital markets review

A committee of 10 business leaders and advisors will lead the review and potential major shake up of New Zealand's capital markets.

The NZX and Financial Markets Authority are joining forces this year to find ways to attract more participants, improve the range of services and products and grow financial markets over the next decade.

The committee's chaired by former investment banker turned consultant, Martin Stearne, and includes the likes of Sky City and Tourism Holdings chair Rob Campbell, Westpac chief executive David Mclean, and Chapman Tripp partner Rachel Dunn.

The results of the review are expected to be released in later this year.

OIO clears Finaccess Capital to buy 75% stake in Restaurant brands

The Overseas Investment Office has given Mexico-based Finaccess Capital clearance to buy up to 75 percent of the fast food operator, Restaurant Brands.

Finaccess Capital has offered to buy the shares in Restaurant Brands for 9-dollars-45 each, but still needs the permission of Yum Brands, which owns the KFC, Pizza Hut and Taco Bell brands.

Athrem sales-drop hurts Promisia Intergrative

Promisia Integrative has made a significant full year loss following the collapse of sales of Arthrem in New Zealand.

The Nutrition manufacturer's full year net loss was $2.2 million, which is more than twice the amount of the previous year.

The company said the collapse of Arthrem sales in New Zealand, was related to a MedSafe Alert.

It said it also overshadowed the launch of Artevite in New Zealand.