Week in review

Thursday 5th February 2004

Carter Holt Harvey and Comalco started negotiations with the government over greenhouse gas emissions. In return for best-practice emissions management the companies hope to gain exemptions from the carbon tax to be introduced in 2007.

Sealegs Corporation, formerly IT Capital, formed a 48%-owned joint venture with the US' Albwardy Investment to make and market its amphibious vehicles in the Middle East. Albwardy will initially invest $US500,000 ($740,000) in the venture.

Pure New Zealand bought Australian boutique merchant bank Balmoral Capital for $1.3 million, to be paid with $280,000 in cash and through an issue of 21 million shares at 5c each.

Rocom Wireless signed a memorandum of understanding to buy internet service provider Reach Wireless for an undisclosed sum to be satisfied by the issue of Rocom shares. Reach has "hotspot" sites in Starbucks and BP outlets.

Freightways paid $7.5 million cash for Archive Security, a records-management company in Auckland and Wellington. Freightways said the acquisition would contribute earnings before interest, tax and amortisation of $1 million in the 2005 financial year.

Telecom and ASB Bank announced a new service that will allow consumers to pay for goods and services using their mobile phones. The service works by allowing users to top up phone credit directly from their bank accounts.

Kiwi Forests Group withdrew its $165 million offer for Fletcher Challenge Forests' Tarawera forest after failing to satisfy a financing condition. The Campbell Group, which initially sought to buy all of FFS' forests, will be the new owner.

Brewer DB Group said it would not raise its dividend as previously indicated and would instead invest funds in a growth strategy with a focus on distribution. It aims to lift earnings before interest and tax by 10% this year.

Four directors of defunct mining company DML Resources Murray Bolton, Stuart Walbridge, Laurie Margrain and Wayne McCarthy paid $7 million to the receiver to settle a claim they breached their duty by allowing the company to trade while insolvent. The four have consistently denied liability.

New Zealand Oil & Gas sold a 4% stake in the Kupe oil and gas field to Japan's Mitsui for $9.2 million, retaining a 15% stake.

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