NZ govt expects Meridian stock exchange listing by October-end
WELLINGTON, Sept 16
WELLINGTON, Sept 16 (Reuters) - The partial sale and listing of New Zealand state-owned power company Meridian Energy Ltd IPO-MEL.NZ should be completed by the end of next month, the Finance Minister said on Monday.
The offer of up to 49 percent of the company is set to open at the end of the month and close on Oct 18, after which a book build will be held among institutional investors, with a target date of Oct. 29 for listing on the New Zealand and Australian stock exchanges.
The government has already announced that Meridian will be sold in two installments.
The sale, which could bring in as much as NZ$3.2 billion ($2.6 billion), is the latest in the government state asset sell-down aimed at raising NZ$5 billion to NZ$7 billion over three to five years to help pay down debt and reduce borrowing. (Gyles Beckford; Editing by Subhranshu Sahu)
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