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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Oceans: NOAA Declares Third Ever Global Coral Bleaching Event

As record ocean temperatures cause widespread coral bleaching across Hawaii, NOAA scientists confirm the same stressful conditions are expanding to the Caribbean and may last into the new year, prompting the declaration of the third global coral bleaching event ever on record. More>>

Scoop Business: A Decade Of Government Pre-Seed Investment

More publicly-funded science is being commercialised after a decade of government ‘pre-see’d investment, according to an independent review. More>>


Solid Energy: Plan To Shut Unprofitable Huntly East Mine

Solid Energy, the state-owned coal miner in voluntary administration, plans to shut down its unprofitable Huntly East mine and lay off 65 staff after deciding the site stands "no chance whatsoever" of finding a buyer. More>>


E Tū: Merger Creates NZ's Biggest Private Sector Union

E tū has been created by the merger of the Engineering, Printing and Manufacturing Union and Service and Food Workers’ Union. It represents more than 50,000 working New Zealanders in industries as diverse as aviation, construction, journalism, food manufacturing, mining and cleaning. More>>


Internet: NZ Govt Lifts Target Speeds For Rural Broadband

The government has lifted its expectations on faster broadband speeds for rural New Zealand as it targets increased spending on research and development in the country's information and communications technology sector, which it sees as a key driver for export growth. More>>


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news