NZ asset sales raise $NZ4.7bn
The initial public offering of New Zealand’s Genesis Energy has raised $NZ733 million for the country’s Future Investment Fund, bringing the total proceeds from the four state asset sales by Prime Minister’s John Key government to $NZ4.7 billion.
New Zealand’s Finance Minister Bill English said the Mighty River Power, Meridian and Genesis Energy IPOs together added more than $NZ8.85bn in market value to the NZX. The government also sold part of its stake last year in Air New Zealand.
“The share offers have deepened and strengthened our capital markets,” said Mr English in a statement emailed to Data Room. “Through each of the four share offers we have achieved more than 85 per cent New Zealand ownership.”
The minister will be at the NZX on Thursday when Genesis lists at 1 pm New Zealand time. The company will be dual listed and also starts trade on the ASX on Thursday.
New Zealand’s government will retain a 51 per cent shareholding in Genesis. The country’s individual investors will hold a 26.7 per cent stake in the company, New Zealand fund managers 10 per cent, non New Zealand fund managers 12 per cent and participating Iwi people will hold 0.3 per cent.
Genesis will have the third-largest share register of all listed New Zealand companies, behind Mighty River Power and Contact Energy.
(Reporting by Brett.Cole@businessspectator.com.au
Editing by Victoria.Thieberger@businessspectator.com.au )