OIO consents to Polarcold purchase

Scales Corporation Limited
Head Office: 52 Cashel Street | Christchurch 8013 | New Zealand
Postal: PO Box 1590 | Christchurch 8140 | New Zealand
Phone: +64 3 379 7720
scalescorporation.co.nz




NZX Release

8 May 2019
OIO consents to Polarcold purchase
The New Zealand Overseas Investment Office (OIO) has given consent to the purchase of Scales’
coldstorage businesses, Polarcold Stores Limited and Whakatu Coldstores Limited, by Emergent
Cold. The transaction was previously announced to the market on 9 May 2018.
As OIO consent was the sole condition for the transaction, progress can now be made towards
settlement, which is expected to occur prior to 17 May 2019.
Scales Corporation Chair Tim Goodacre said “It is pleasing to see the OIO process concluded, with a
positive outcome. Emergent Cold’s ownership of Polarcold will offer benefits to customers and
employees from being part of a global cool chain network. We wish all parties well for the future, and
would particularly like to thank Polarcold’s employees for their patience through the sale process and
for their contribution to Scales over many years”.
Mr Goodacre also reaffirmed that the sale proceeds would be utilised to pursue investment
opportunities in agribusiness, in line with Scales’ refreshed growth strategy.
With regard to earnings Guidance for the 2019 financial year, it is Scales’ intention to update the
market immediately post-settlement.

For further information please contact:

Steve Kennelly
Chief Financial Officer
Scales Corporation Limited
+64 3 371 2263 / +64 274 317587
www.scalescorporation.co.nz

About Scales Corporation
Scales Corporation is a diversified agribusiness group. It currently comprises three operating
divisions: Horticulture, Storage & Logistics and Food Ingredients. The company’s diverse spread of
activities gives Scales broad exposure to New Zealand’s agribusiness sector. Scales Corporation
was founded in 1897 as a shipping business by George Herbert Scales. Today it employs more than
700 permanent staff New Zealand wide. Find out more at www.scalescorporation.co.nz.