Rank Group confirms plan to sell down Carter Holt stake in IPO

Carter Holt Harvey, the building products supplier owned by billionaire Graeme Hart's Rank Group, confirmed it may sell down its stake in an initial public offering and list the shares on the New Zealand and Australian stock exchanges.

Auckland based Rank Group plans to retain a significant stake in the company, it said in a statement, without providing further details. Media reports last month suggested Rank would sell 70 percent of the business.

The joint lead managers to the offer are Credit Suisse, First NZ Capital, Deutsche Bank, Deutsche Craigs, and Forsyth Barr.

BusinessDesk.co.nz

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