August 5, 2018 / 8:55 PM / 11 days ago

UPDATE 1-New Zealand's PGG Wrightson to sell seeds business for $283.5 mln

(Adds details on sale, capital distribution)

Aug 6 (Reuters) - Agricultural goods supplier PGG Wrightson said on Monday it had agreed to sell its seeds business to Denmark’s DLF Seeds A/S for NZ$421 million ($283.5 million) following a strategic review.

DLF Seeds will assume or repay PGW Seeds’ net debt outstanding as at 30 June 2018 of about NZ$18 million, PGG said in a statement.

The company said that it would continue to work with PGG Wrightson Seeds under common branding in New Zealand.

It added that it was mulling a non-taxable distribution of available subscribed capital to shareholders of up to NZ$292 million, pending the results of an ongoing review.

PGG said the sale agreement was subject to shareholder and regulatory approval. ($1 = 1.4850 New Zealand dollars) (Reporting by Ambar Warrick in Bengaluru Editing by Peter Graff and Robin Pomeroy)

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