New Zealand wood products company Carter Holt Harvey (CHH), owned by the country's richest man, Graeme Hart, on Friday said it had revived a plan for a share float but has trimmed its scope and excluded Australian assets. CHH put an offer estimated to be worth up to NZ$1 billion ($654.80 million) on hold in June because of uncertainty about the earnings outlook of its Australian timber business.
It said the latest plan was to float the New Zealand building supplies chain of 50 stores and nine building frame sites on the New Zealand and Australian bourses. There were no details on the size, value or timetable for the initial public offering. "This well-established national network puts Carters in a strong position to capitalise on the continuing strong demand for new housing," the company said in a statement.
A spokesman confirmed the New Zealand wood processing operations and the company's Australian business have been excluded from the IPO, which is being managed by Credit Suisse Australia Ltd, First New Zealand Capital, Deutsche Craigs and Forsyth Barr. CHH has a New Zealand retail building supplies chain and manufactures wood-based building products in both that country and Australia. It is controlled by Hart's Rank Group, and said it would retain a significant stake in the floated company. Rank Group acquired CHH in 2006, when it primarily comprised significant forestry plantations used for timber and building products, pulp, paper and packaging. These have since been sold.
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