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

 


Transpacific gains OIO approval for NZ unit sale

Transpacific gains OIO approval for NZ unit sale to Beijing Capital

By Suze Metherell

June 10 (BusinessDesk) - The Overseas Investment Office has approved the sale of the New Zealand waste management arm of Transpacific Industries to Beijing Capital Group.

Chinese state-owned Beijing Capital spent $950 million on the New Zealand business, buying it from the Queensland-based company in March. At the time of the announcement it said the current management team would remain and operations would continue as normal. The sale has also been approved by Chinese regulators.

Transpacific wrote down the value of the kiwi business by A$188 million in 2011 after acquiring the operations for $870 million in 2006. The company’s decision to scale back its business comes after a debt-fuelled expansion before the global financial crisis, culminating in 2008 with the A$1.25 billion acquisition of rival Cleanaway to create Australasia’s biggest waste disposal firm.

Beijing Capital is a water treatment, waste management, mass transit railway and toll road company with property development interests. Its assets are valued at US$21 billion and its New Zealand investment is the company’s first major international acquisition, it said in March.

Transpacific's dual-listed shares, which rarely trade on the NZX, were unchanged at $1.20 and have declined 11 percent this year. On the ASX they last traded at A$1.095, and have fallen 6.4 percent year to date.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news