RBNZ approves ASX-listed Wolfstrike's purchase of lender

"FEI has grown rapidly over the last few years," FE Investments managing director TK Shim said in a statement. "Being part of the ASX listed company will enable FEI to tap into the Australian markets for capital to support FEI's growth plans where the ASX is regarded as a major bourse on the world stage."

Shareholders of both firms approved the deal in separate meetings earlier this year, and once it's settled, Wolfstrike will consolidate its shares in a 30-to-one basis. The shares last traded at 0.5 of an Australian cent each.

FE Investments had assets totalling $37.2 million as at March 31, 2017, with about 30 percent of its loan book for property development. At the time, it held term deposits totalling $29.5 million, of which about 46 percent was from non-resident investors. (BusinessDesk)

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