Sharechat Logo

Combined building societies debut on NZX

Tuesday 1st February 2011

Text too small?

Newly created "heartland bank" Building Society Holdings debuted on the sharemarket this morning, with shares opening at 95c.

Building Society, incorporating Canterbury Building Society, Southern Cross Building Society and Pyne Gould Corp's Marac Finance, merged last month and aims to become a registered bank.

It has net assets of around $310 million, total assets of around $2.2 billion, and an investment grade BBB- rating from Standard & Poor's. Marac is the largest entity, followed by CBS and SBS.

"Having three institutions with such a strong shared history combining, and committing to keeping investors informed via our public markets, is positive for the finance sector and for the New Zealand investment community," NZX chief executive Mark Weldon said.

By early afternoon, the company's shares slipped to 88c on the back of 227,575 traded, valuing the company at $264m. They hit a low during the session of 85c.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report
PGG Wrightson Limited (NZX: PGW) Guidance Update
Vital Limited (NZX: VTL) Provides Update on PSN LMR
18th October 2021 Morning Report