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NZ Refining Company Shareholding Sold

The New Zealand Refining Company
Shareholding Sold

AUCKLAND, 20 October 2000 – Fletcher Challenge Limited today announced that the Company has sold its 14.3% interest in The New Zealand Refining Company for $34 million.

Michael Andrews, Chief Executive of Fletcher Challenge Limited, said, “The New Zealand Refining shareholding is a non-core asset for Fletcher Challenge Energy. Sale of this shareholding generates cash that Rubicon (a new company to be formed during the proposed restructuring of the Fletcher Challenge Group announced last week) will use to assist the restructuring process.”

“Rubicon’s commitment to Fletcher Challenge Forests to acquire the Division’s biotechnology and South American forestry assets, and also the role Rubicon will play in the underwriting of the rights issue recently announced for Fletcher Challenge Forests, will be key uses of this cash,” Mr Andrews said.

The New Zealand Refining shareholding was sold to Emerald Capital Limited, a private New Zealand-based investment company, which has a long-term asset orientation.

Ends

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