Manufacturing News

Carter Holt Harvey delays IPO

Carter Holt Harvey has delayed its plans for an IPO and to list on the Australian and New Zealand stock exchanges until the third or fourth quarter of this year.

AAP reports that, having announced the float in May, the Auckland-based group which is owned by Rank Group put the plan on hold because of an uncertain earnings outlook for its Australian timber business.

"The new CHH board, in conjunction with the group's advisers, determined they were unable to finalise the forecasts in the IPO offer document given the necessary level of confidence required as to the forecasts' accuracy and probability of being achieved," the company said.

"Accordingly, until these circumstances become clearer, the IPO of CHH has been put on hold."

The decision comes as the group considers selling its distribution arm, Carter Holt Harvey Building Supplies to Wesfarmers.

Wesfarmers is interested in the business for its Bunnings Warehouse chain which, apart from being the biggest hardware supplier in Australia, also has some outlets in New Zealand. 

 

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