JV for Hellaby investment

The two companies plan to work together to provide advanced meter reading and online data management services to commercial and industrial customers in New Zealand.

Under the agreement the new company will be 70% owned by Vector and will be granted an exclusive license for TML's metering and data management technology in New Zealand.

Total Metering's existing customer base will also be transferred to the new company.

Hellaby bought a 30% stake in Wellington-based Total Metering in 1999 for $3.5 million to help the company develop its software and technology.

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