7 Feb 2012

Dairy Holdings pleased to be fully NZ-owned

6:31 am on 7 February 2012

The country's largest corporate dairy farming business says it is pleased to be fully New Zealand-owned for the first time.

Existing New Zealand shareholders of Dairy Holdings Ltd bought the remaining shares from South Canterbury Finance and US investors last week.

The failed finance company had owned a third of Dairy Holdings and the shares were sold by receivers for $55 million.

US investors had a 25% stake in the dairy business. The shares were sold to existing shareholders Colin and Dale Armer and Alan Pye.

Dairy Holdings chairman Bill Bayliss says it's relieved the 18-month process is over and the shareholder issues are out of the way.

He says the company was also pleased it didn't have to go through an Overseas Investment Office process.

Dairy Holdings owns 58 South Island dairy farms and leases 15 grazing blocks covering a total 18,000 hectares.