Greenstone: Asset value of former Shell retail network up by NZ$120 million

According to the New Zealand’s Greenstone, the book value of Shell’s retail network which it purchased last year for NZ$696.5 million (US$506.4 million) has risen by NZ$120 million (US$87.2 million) NZZ$130 million (US$94.5 million) since it acquired the business. Greenstone Chief Executive Mike Bennetts said recently that the company had completed a revaluation of the company assets as required under accounting standards. Greenstone was established as a company to acquire Shell’s retail network downstream assets. Greenstone was created through a joint venture between Infratil and the New Zealand Superannuation Fund. Bennets indicated that the future direction of the retail business will include a focus on convenience food and non-fuel spending. A new format for the retail business is to be launched in South Auckland and if well received, it will be rolled throughout the country. (March 9, 2011)