Uruguay Farmer Cancels Equity Increase

NZ Farming Systems Uruguay (NZS), a New Zealand-listed Uruguayan dairy farmer, has cancelled plans to raise $120m in equity capital through a rights offering, it says. The company’s decision comes after minority holders indicated their disapproval ahead of a November vote on the matter. As an alternative, NZS says it will seek to upsize an existing $85m loan to $110m and extend its term. The loan is from Olam, a Singapore-based agricultural firm which owns 86% of NZS.