Sharechat Logo

Vodafone NZ float on the cards for 2019, FT reports

Monday 17th September 2018

Text too small?

Vodafone Group's incoming chief executive Nick Read says a float of the New Zealand unit is on the cards next year. 

Read told The Financial Times the company is tidying up its global operations and that a float of Vodafone New Zealand would probably take place in 2019. 

The local Vodafone unit cooled on the prospect of an initial public offering earlier this year after drumming up support for a listing in 2017. A spokeswoman for Vodafone NZ today said the official stance on IPO hasn't changed since April.

"We'll consider a float in the future if market conditions are right," she said. 

Vodafone New Zealand reported a 16 percent slide in annual profit to $39.9 million, even as revenue edged up 0.2 percent to $2.03 billion in the last financial year, with adviser fees for the canned float depressing the result. 

The local Vodafone unit is also in for a change of leadership, with former Spark New Zealand executive Jason Paris taking over as CEO from October.

Russell Stanners has run the New Zealand branch for 12 years, taking it from a pure mobile company to an integrated telecommunications group, with acquisitions including TelstraClear, WorldxChange, and more recently Farmside. He missed out on building a vertically integrated media telecommunications group last year when the Commerce Commission rejected a proposed merger with pay-TV group Sky Network Television.

The UK group is also restructuring its Australian operations, where the Vodafone brand is run by Vodafone Hutchison Australia, a joint venture between ASX-listed Hutchison Telecommunications (Australia) and Vodafone Group.

Last month Vodafone Hutchison and ASX-listed TPG Telecom proposed an A$15 billion merger. The enlarged entity would be 50.1 percent owned by Vodafone Hutchison shareholders, which include Spark, with TPG shareholders owning the remaining 49.9 percent. 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report