New Zealand Post Sells RD1.com Shareholding

New Zealand Post has sold its eight per cent shareholding in rural online supply company RD1.com to Fonterra Co-operative Group, realising a seventy-five per cent gain on its investment in October 2000. The sum is undisclosed.

Chief Executive for New Zealand Post Letters & Enterprises, John Allen, said RD1.com had been a very successful investment for New Zealand Post.

"Not only has New Zealand Post realised a substantial return on its investment, we have gained valuable experience in online retailing and established good business relationships within the dairy industry.

"RD1.com has been a strong performer through a period which has been difficult for capital markets in general and online retailers in particular."

Mr Allen said New Zealand Post had agreed to exit its shareholding at Fonterra's request to help complete the merger of RD1.com and Fencepost.com.

ENDS

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