The week in review

Friday 12th July 2002

Technology company Advantage Group this week received a B4 credit rating from Rapid Ratings, up from E2. The B4 rating suggests the company is a "moderate risk that can worsen with market conditions and that its assets are of moderately good quality," the credit company said.

IT Capital announced on Thursday it had entered into preliminary discussions with a prospective buyer of Terabyte Interactive. The sale price is under negotiation but the company expected to book an accounting loss, it said.

BIL International's shares hit their highest level in more than two years this week as investors speculated over who might be interested in Quek Leng Chan's 24% stake in the company. BIL said in May an investor approached the firm indicating an interest in certain assets and last week said the same investor had approached "a substantial shareholder" to buy a block of BIL shares.

The Commerce Commission confirmed Thursday it had received a clearance application from Fletcher Challenge Forests to acquire most of the assets of the Central North Island Forest Partnership. The assets include shares owned by China International Trust and Investment Corporation (Citic)

Telecom and ANZ Bank this week signed a contract for the bank to handle all of Telecom's payment collection and processing activities. The $40 million deal will mean Telecom has a single supplier managing all payments and collection work for four years.

Fletcher Aluminium, a division of Fletcher Building, announced this week it would sell its Australian distribution business to Capral Aluminium.

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