Briscoe Group to join ASX from midday Sydney time Wednesday

Briscoe Group said it will be admitted to the official list of the ASX, as a foreign exempt entity, from midday in Australia Wednesday and official quotation of the group's securities will begin at 11 am Sydney time Thursday.  

The entity has been allocated the ASX code of BGP.

In May the company said it would apply to list on the ASX as a foreign exempt entity but wasn't planning on raising new capital.  Briscoe is controlled by managing director Rod Duke, who owns more than three-quarters of the country's biggest retailer, and 91 percent of the stock is held by 32 of Briscoe's 3,393 shareholders.

"We believe that the greater visibility from a dual-listing will contribute to increased investor interest and a broader shareholder base which will increase our ability to take advantage of fresh opportunities that we identify," Duke said in a release to the New Zealand stock exchange Monday. 

Briscoe shares rose 0.8 percent to $4.01 on the NZXand have gained 25 percent over the past 12 months. 

(BusinessDesk)

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