Transpacific offloads NZ business

Group inks deal to sell unit to wholly-owned subsidiary of Beijing Capital Group.

Transpacific Industries (TPI) has entered an agreement to sell its New Zealand business to a wholly-owned subsidiary of the Beijing Capital Group.

In a statement to the Australian Securities Exchange, Transpacific said the sale is expected to be completed by June, with a pricetag of $NZ950 million attached to the deal.

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