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

 

NZ King Salmon reviewing capital options as IPO rumoured

Thursday 07 July 2016 12:29 PM

NZ King Salmon reviewing capital options as IPO rumoured

By Paul McBeth

July 7 (BusinessDesk) - New Zealand King Salmon Investments says it's reviewing its capital options to support the development of three new farms in the Marlborough Sounds after Australian media reported the company was looking at an initial public offering.

The Nelson-based salmon farmer and processor hired Credit Suisse and First NZ Capital to test investor interest in Australia and New Zealand for a dual-listing on both sides of the Tasman, valuing the company at $200 million, the Australian Financial Review's Street Talk column reported.

"New Zealand King Salmon is reviewing capital options to support its ongoing growth opportunities and the development of its three new farms in the Marlborough Sounds consented in 2014," chief executive Grant Rosewarne said in an emailed statement. "No decisions have yet been made and the company will be making no further comment at this stage."

The company operates seven farms in Marlborough's Pelorus and Queen Charlotte sounds and has three new farms coming on stream. The consents for the new sites were opposed by environmental groups all the way to the Supreme Court in 2014, which succeeded in winning a protection of "outstanding landscapes" and ruling out another proposed farm.

NZ King Salmon reported a loss of $1.5 million on revenue of $95.1 million in the year ended June 30, 2014, the latest financial statements filed with the Companies Office. The AFR reported the company was targeting sales of $115 million and earnings before interest, tax, depreciation and amortisation of $15 million once it's listed.

The company is controlled by Oregon Group, the investment firm of Malaysia's Tiong family headed by Tan Sri Sir Tiong Hiew King, with 51 percent. Local private equity group Direct Capital holds 45 percent. Neither shareholder was immediately available to comment on the IPO speculation.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

Real Estate: House Price Growth Rates In Hawke’s Bay Skyrocket Ahead Of Rest Of New Zealand

Hawke’s Bay is leading the property ‘pack’ proving a post lockdown land of milk and money, continuing to outstrip the rest of the country with the highest annual growth rate in house price values. But experts warn an overheated market is fast ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>