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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news