Royal Wolf to buy ContainerTech to expand in NZ

Wednesday 23rd May 2012

Royal Wolf Holdings, the ASX-listed container services firm that won an award for its initial public offering last year, has agreed to buy the container business of Auckland-based ContainerTech Group.

No price was disclosed for the transaction in Royal Wolf's statement to the ASX. ContainerTech has a fleet of about 500 hire containers and the acquisition will lift Royal Wolf's earnings immediately, it said.

Shares of Royal Wolf last traded on the ASX at A$2.11. The shares were issued at A$1.83 and began trading in May last year.

Its A$91 million share sale won an IPO of the Year award from FinanceAsia, selling at 14.1 times 2011 earnings, compared to a sector average of 11.4 times, according to the company's website.

BusinessDesk.co.nz

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:

Rio Tinto decision following strategic review of Tiwai
Contact says smelter closure is ‘disappointing’
South Port (SPN) Statement on NZAS Tiwai Point Aluminium Smelter Closure
Rio Tinto announcement on Tiwai Aluminium Smelter
Me Today announces equity raising to accelerate growth
Scott Technology Trading Update; Rising to the COVID Challenge
New non-binding indicative offer received from apvg, shareholder meeting deferred
U.S. Added 4.8 Million Jobs in June as Reopened Businesses Rehired
Auditors have a duty to be alert to fraud
Strong sales recovery but uncertainty remains over economic outlook and potential second wave of COVID-19