Friday 7th July 2000
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Fletcher Challenge has begun repaying debt as part of the separation process for its four divisions. It has offered to repurchase $1.1 billion of debt from US institutions.
Vodafone New Zealand announced a "2.5G" internet-enabled mobile telephony service using GPRS (general packet radio service) technology.
Carter Holt Harvey sold its Distributors division to Australia's Howard Smith Ltd, the owner of Benchmark Building Supplies, for an undisclosed sum. Distributors has revenues of $50 million and 137 staff.
New Zealand Post bought Australia's Couriers Please, a company operating in the eastern cities with revenues of $A40 million ($51 million).
The Nasdaq float of Capstone Turbine Corporation valued Fletcher Challenge Energy's 11% stake at $820 million at the close of the first day's trading. FCE is restricted from selling its stake for 12 months.
The New Zealand Stock Exchange's market surveillance panel eased restrictions on the independent reporters listed companies may use to report to shareholders, saying the previous rules had unduly restricted the range of available reporters.
Northland Port Corporation agreed conditionally to sell Northport Engineering for $6.25 million. The buyer intends to make luxury yachts at Port Whangarei.
Carter Holt Harvey will be a one-third shareholder, with Northland Port Corporation and Port of Tauranga, in a new $65 million deepwater port at Marsden Point.
New Zealand Post won a contract to transform the Nigerian postal service into a profitable commercial organisation.
Infratil New Zealand increased the size of its share buyback from 9.47 million shares to 18.5 million, or around 10% of its issued capital. So far it has bought back some 3.5 million shares, or around 2%.
State-owned Genesis Power said it would appeal a High Court decision requiring it to honour an agreement to buy gas worth $1.2 billion from Fletcher Challenge Energy.
Contact Energy said it would look at buying Australian Gas & Light's 20% stake in energy retailer TrustPower.
Listed beverage company Frucor is pushing its V energy drink into the estimated $119 million Irish retail drinks market following the product launch in the UK, Australia and South Africa.
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