Infratil and NZ Superannuation Fund plan IPO for Z Energy
Infratil (the New Zealand-based infrastructure investment company) and NZSF Aotea Limited (for the New Zealand Superannuation Fund) have confirmed plans to list up to 50%-60% of Z Energy in August on the New Zealand and Australian stock exchanges.
Infratil CEO Marko Bogoievski said:
"Z Energy had strong cash flows, a good dividend outlook and had identified a range of potential future growth areas, including new retail service stations, customer offers and enhancements to Z's terminal infrastructure.This listing is an opportunity for investors to take a stake in a major infrastructure and retailing company that plays a significant role in keeping New Zealand's economy moving,"Z Energy has been a very good investment for Infratil and while an Initial Public Offering will see us reducing our holding we will still have a significant investment after the proposed IPO."
New Zealand Superannuation Fund spokesperson Stewart Brooks said:
"Z Energy had an experienced and capable management team. Over the last three years, Z has responded well to increased capital investment, successfully re-branding and placing a strong focus on customer service.As a result, Z has increased in value and now represents a significantly larger proportion of the Fund than it did when we purchased it in 2010. Reducing our stake via a partial listing will help diversify the Fund's investment portfolio, as well as adding depth to New Zealand's capital markets."
Z will be New Zealand's first listed transport fuels company and is expected to be among the largest 20 New Zealand companies on the NZX main board.
The listing expects to raise between NZ$650 -$900 million. Mr Brooks said the funds raised would be re-invested by the NZ Super Fund in other investment opportunities in New Zealand and internationally.
Z Energy was purchased by Infratil and the Fund from global energy company Shell in 2010, with each party taking a 50% share.
As outlined in the offer document, the remaining shares held by Infratil and the Fund will be locked in until after the release of Z's results for the half year to 30 September 2014.
Source: InfratilCountry news
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