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Contact Energy in trading halt; Origin exit plan imminent
Contact Energy in trading halt; Origin exit plan imminent
By Pattrick Smellie
Aug. 4
(BusinessDesk) - Contact Energy shares have been placed in a
trading halt on the NZX, pending an announcement about its
majority shareholder Origin Energy's exit from the
company.
Australian business media have speculated
that Origin, which owns 53.1 percent of the Wellington-based
electricity generator-retailer and owner of gas distribution
and LPG businesses, is seeking to sell down or exit its
holding in Contact as it deals with balance sheet pressures
created by a A$25 billion liquefied natural gas project in
Queensland, which has suffered cost over-runs and a slump in
the global price of gas.
Origin first invested in
Contact in 2003, taking over the cornerstone shareholding
originally purchased by California-based Edison Mission
Energy in the first state-owned electricity company
privatisation in
1999.
(BusinessDesk)
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