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

 


GuocoLeisure to leave NZX, ending four-decade listing

GuocoLeisure to leave NZX, ending four-decade listing

By Suze Metherell

June 27 (BusinessDesk) - GuocoLeisure, the diversified investment company once known as Brierley Investments, will leave the NZX today after more than 40 years on the local stock exchange, in a long-heralded move which leaves its sole listing in Singapore.

The NZX-listed shares halted trading on Wednesday ahead of today's delisting. The Singapore-based company said New Zealanders owned just 4.2 percent of total shares on issue, when it announced its intentions last December. The stock first listed in March 1970.

New Zealand shareholders will continue to hold legal title to their shares and be paid dividends in New Zealand dollars, receive corporate documentation and notices, and be able to attend meetings and vote, it said. The stock will be transferred to the Singapore branch register.

GuocoLeisure is made up of four divisions: Guoman Hotels manages hotels in the UK and Malaysia under the Guoman and Thistle brands; the gaming division operates London’s Clermont Club; the oil & gas division gets royalties from the Bass Strait Oil Trust; and the property division owns the 54,677 acre Molokai Properties on the island of Molokai in Hawaii and Tabua Investments in Fiji.

The local shares had risen 23 percent this year, to last trade at $1.01, there had been 3,890 trades worth about $23 million, according to statistics from the NZX. The Singaporean shares last traded at 1.155 Singaporean dollars.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news