NZ to list utility after selling 49% stake
Source: Agencies |
March 5, 2013, Tuesday
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Print Edition
Print Edition
NEW Zealand said yesterday it will sell 49 percent of a state-owned energy company and list the shares on the country's stock exchange in mid-May.
Mighty River Power is the first of three power companies the government plans to sell minority stakes in. It hopes to raise billions of dollars and return the country's books to the black.
The government said it will sell 49 percent of the company through a share offer that will open about mid-April. The company is valued at NZ$3.6 billion (US$3 billion), meaning the listing could raise about half that. It will also be listed on the Australian stock exchange, likely to attract financial institutions there to buy shares in the initial public offering.
Many New Zealanders oppose the plans, which some equate with selling the family silver.
The government promised to favor so-called "mum and dad" investors by offering New Zealand retail investors a loyalty bonus, the details of which have yet to be announced. It also promised that small New Zealand investors applying for up to NZ$2,000 worth of shares would get their full allotment even if the IPO was oversubscribed.
"As promised, New Zealanders will be at the front of the queue for shares," Prime Minister John Key said at a media conference yesterday.
David Shearer, leader of the opposition Labour Party, said in an interview that New Zealanders are "overwhelmingly" against the sale and that his party would put a halt to the asset-selling program if it wins next year's general election. He said he couldn't promise it would buy back any shares already sold by then.
Mighty River Power is the first of three power companies the government plans to sell minority stakes in. It hopes to raise billions of dollars and return the country's books to the black.
The government said it will sell 49 percent of the company through a share offer that will open about mid-April. The company is valued at NZ$3.6 billion (US$3 billion), meaning the listing could raise about half that. It will also be listed on the Australian stock exchange, likely to attract financial institutions there to buy shares in the initial public offering.
Many New Zealanders oppose the plans, which some equate with selling the family silver.
The government promised to favor so-called "mum and dad" investors by offering New Zealand retail investors a loyalty bonus, the details of which have yet to be announced. It also promised that small New Zealand investors applying for up to NZ$2,000 worth of shares would get their full allotment even if the IPO was oversubscribed.
"As promised, New Zealanders will be at the front of the queue for shares," Prime Minister John Key said at a media conference yesterday.
David Shearer, leader of the opposition Labour Party, said in an interview that New Zealanders are "overwhelmingly" against the sale and that his party would put a halt to the asset-selling program if it wins next year's general election. He said he couldn't promise it would buy back any shares already sold by then.
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