GuocoLeisure to leave NZX, ending four-decade listing

Friday 27th June 2014

GuocoLeisure, the diversified investment company once known as Brierley Investments, will leave the NZX today after more than 40 years on the local stock exchange, in a long-heralded move which leaves its sole listing in Singapore.

The NZX-listed shares halted trading on Wednesday ahead of today's delisting. The Singapore-based company said New Zealanders owned just 4.2 percent of total shares on issue, when it announced its intentions last December. The stock first listed in March 1970.

New Zealand shareholders will continue to hold legal title to their shares and be paid dividends in New Zealand dollars, receive corporate documentation and notices, and be able to attend meetings and vote, it said. The stock will be transferred to the Singapore branch register.

GuocoLeisure is made up of four divisions: Guoman Hotels manages hotels in the UK and Malaysia under the Guoman and Thistle brands; the gaming division operates London’s Clermont Club; the oil & gas division gets royalties from the Bass Strait Oil Trust; and the property division owns the 54,677 acre Molokai Properties on the island of Molokai in Hawaii and Tabua Investments in Fiji.

The local shares had risen 23 percent this year, to last trade at $1.01, there had been 3,890 trades worth about $23 million, according to statistics from the NZX. The Singaporean shares last traded at 1.155 Singaporean dollars.

BusinessDesk.co.nz

Comments from our readers

No comments yet