New Zealand Rural Land rises on deal to sell 25% stake in land portfolio

New Zealand Rural Land

19/01/2024 24:36

** Shares of New Zealand Rural Land Company  NZL.NZ  up
4.71% at NZ$0.89, their highest level since Aug 8 
    ** Rural land investor says it entered into conditional
subscription agreement to sell 25% stake in its land portfolio
to an Australia-based investment fund
    ** Co says investor will acquire the equity interest for
NZ$44.2 mln ($27.04 mln)
    ** Says it will use the proceeds to repay the NZ$11.8 mln
owed on convertible notes, and towards growth in earnings 
    ** Stock up 1.2% YTD, as of last close 

($1 = 1.6345 New Zealand dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))