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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news