Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

GPG sells ASX-listed Capral stake for A$85.3M

GPG sells ASX-listed Capral stake for A$85.3M

Feb. 7 (BusinessDesk) - Guinness Peat Group, the investment firm liquidating its portfolio, has sold out of ASX-listed aluminium fabrication group Capral for some A$85.3 million.

Founded by Sir Ron Brierley, GPG sold its entire 47.4 percent stake to Australian investors and institutions at 22 Australian cents apiece, Capral said in a statement. Its shares jumped 6.5 percent to 24.5 Australian cents in trading today.

"This change in the ownership structure of the company removes the uncertainty surrounding the realisation of GPG's investment portfolio as it relates to its investment in Capral," chairman Rex Wood-Ward said.

GPG has been selling assets in a plan to return capital to shareholders, and ultimately aims to rebrand itself as its biggest asset, UK threadmaker Coats.

Its shares, which are listed in New Zealand, Australia and the UK, were unchanged at 60 cents on the NZX. The stock is rated an average outperform, based on six analyst recommendations compiled by Reuters, with a median target price of 65.5 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO: