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

 


MightyRiverPower sale seen up to 90% taken up by kiwis

MightyRiverPower to have secondary listing on ASX, up to 90% kiwi uptake seen

March 4 (BusinessDesk) – MightRiverPower will have a secondary listing on the ASX although 85 percent to 95 percent of the stock sold is expected to be taken up by kiwis, Prime Minister John Key says.

Pre-registration of interest starts tomorrow and is expected to be concluded by mid-May. There will be a minimum $1,000 subscription and no scaling back for New Zealand citizens up to $2,000, Key said in Wellington.

Details of a loyalty bonus scheme, rewarding shareholders who retain their stake for a certain time, are still to come though on the current sale timeline, the company should be listed before the Budget in May, subject to market conditions.

The initial public offering of 49 percent of MightyRiverPower, estimated to raise $1.5 billion, is the first of a series of selldowns of state assets aimed at raising $5 billion to $7 billion that the government says will be spent on public good assets such as schools and hospitals.

“We envisage that with the government’s majority shareholding, total New Zealand ownership will be 85-90 percent of the company after the share offer,” Key said in a statement.

The Supreme Court last week cleared the way for the sale by dismissing a challenge by the Maori Council that indigenous claims to water rights needed to be settled first.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news