Wednesday 20th October 2010 |
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Cavotec MSL Holdings, the global engineering group and owner of Christchurch-based MoorMaster, is looking at a secondary offshore listing, blaming poor liquidity and falling volumes on the NZX.
The proposed listing on the Nasdaq OMX First North stock exchange is seen as a move that will provide the company with additional avenues to raise capital, while closing the gap between a listing in New Zealand and the company’s expanding manufacturing base outside the Pacific Rim region.
“Lower liquidity on the NZX, coupled with falls in overall trading volumes over the past year, has underlined the necessity of seeking alternative routes to capitalise on future opportunities,” said chief executive Ottonel Popesco.
Sweden’s Handelsbanken has been appoint to look at the feasibility of a second listing on the First North bourse, which is operated by various Nordic NASDAQ OMX exchanges in Copenhagen, Helsinki, Iceland and Stockholm.
Shares rose 1.8% to $2.85, and have risen also 10% this year.
Lifting interest in the NZX bourse has been an ongoing issue for the stock exchange operator, and in April, returning fund manager Paul Glass flagged Australia’s market as a better option for his investments due to the local market's “awful” liquidity.
Businesswire.co.nz
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