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


Infratil agrees to sell stake in PayGlobal to MYOB

Infratil agrees to sell stake in PayGlobal to MYOB, reaping $9.2 mln

Aug. 14 (BusinessDesk) - Infratil has agreed to sell its 54 percent stake in shareholding in PayGlobal to MYOB Finance NZ as part of MYOB's takeover of the payroll and HR management software firm.

The Wellington-based investment group said its share of the sale proceeds would be about $9.2 million including a pre-completion dividend and its holding of PayGlobal preference shares. Infratil had its stake in Christchurch-based PayGlobal in its books at a value of $5.89 million as at March 31.

The transaction is subject to various approvals, it said.

The company is currently reviewing its Australian energy retailing operations for potential sale. At its annual meeting this week it said capital spending on its infrastructure portfolio would be between $295 million and $365 million next year, about half last year’s $613.6 million as Australian wind farm investments by TrustPower are completed.

Infratil shares rose 0.2 percent to $2.39 and have gained 5.1 percent this year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news