CHH considers possible IPO for Carters on its own

By NZHJ August 14, 2015 Industry News

A statement went out earlier today about a possible IPO and stockmarket listing for just the Carters Building Supplies part of Carter Holt Harvey (CHH).

The statement says CHH "is considering an IPO of the New Zealand Carters building supplies distribution business through an offer of ordinary shares in Carters Building Supplies Group Limited (Carters) and listings on the NZX and ASX."

Adding that it expects to retain "a significant stake in the company following its listing", the announcement follows the decision not to pursue an earlier proposal to list CHH’s New Zealand and Australian timber processing and building supplies businesses as a single entity.

That earlier proposal has been put on hold, citing "difficulties in forecasting the earnings outlook of its Australian timber business".

Carters currently comprises 50 distribution outlets and 9 frame & truss sites. The joint lead managers to the intended offer are Credit Suisse, First NZ Capital, Deutsche Bank, Deutsche Craigs, and Forsyth Barr. 

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