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

 


Infinz Welcomes The Imminent Float Of Mighty River Power


28 February 2013
For Immediate Release

Infinz Welcomes The Imminent Float Of Mighty River Power

New Zealand’s leading financial organisation, the Institute of Finance Professionals New Zealand Inc. (INFINZ) says the Government’s imminent float of Mighty River Power, following yesterday’s unanimous decision by the Supreme Court, is a positive development for New Zealand’s capital markets.

“The float of Mighty River Power would be a signifcant development for NZ’s capital markets,” says INFINZ Executive Director Jim McElwain.

Current market conditions are very favourable for new listings, with the NZX50 being up almost 25% during 2012 and there being unsatisfied demand for recent issues such as for the Fonterra Shareholders’ Fund Units.

“With greater confidence given to the market, the time has now come for Kiwi mum and dad investors to be given a wider range of options to invest in.”

“An imminent float of Mighty River Power would therefore be very timely,” says McElwain.

“It would also assist in building NZ’s capital markets. The value of all companies listed on the NZ equity market has slid from around 60% of GDP as recently as the mid-90s to just over 30% today.

“The float of a substantial company such as Mighty River Power would be a key step in reversing this slide in the capital markets, while full implementation of the mixed ownership programme has the potential to boost the size of the NZ sharemarket by 10 per cent.”

McElwain says greater depth and interest in our capital markets would create more favourable conditions for mid-sized Kiwi companies to list and raise capital to grow.

“More investment would mean more jobs and more Kiwi companies being owned by New Zealanders. A vibrant capital market is an essential element to achieving the aspirations we all have as New Zealanders for a better lifestyle.

“The float of Mighty River Power cannot come soon enough,” says McElwain.

About INFINZ
INFINZ is the leading industry body for capital markets professionals in New Zealand. INFINZ has a membership of approximately 700 individuals drawn from across the capital markets and includes treasury professionals, investment analysts, fund managers, bankers, lawyers and students. www.infinz.com

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news