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

 


ASX-listed Transfield sells out of NZ partnership for A$30m

ASX-listed Transfield sells out of NZ partnership for A$30 mln

Oct. 22 (BusinessDesk) - Transfield Services, the ASX-listed infrastructure specialist, has sold out of its New Zealand industrial construction joint venture with Worley Parsons for A$30 million.

The Sydney-based company sold its stake in the venture to partner Worley to focus on Australian and US markets, and will use the cash to reduce debt, it said in a statement. The partnership accounted for less than 2 percent of its annual revenue of some A$3.45 billion, it said.

“Though this is a good business, it was our only exposure to the New Zealand hydrocarbons sector,” Transfield resources and energy chief executive Joe Sofra said. “The price paid represents good value for our shareholders and the cash from the sale will be applied to reducing our balance sheet gearing.”

The business designs, builds and maintains industrial process plants, offering a complete range of engineering and construction services across a full spectrum of industries, according to its website.

The joint venture had a carrying value of A$9.5 million on Transfield’s books as at June 30.

Transfield said it still provides telecommunications, electrical, road and facilities infrastructure services in New Zealand.

Last month Transfield made headlines in New Zealand over unpaid sub-contractors walking off work to build the nation’s ultra-fast broadband network.

The shares rose 1.5 percent to A$1.37 in trading on the ASX, and have dropped 31 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news