° °
  • Firstline - TV3 New Zealand


    Weekdays 6am

  • 3 News - TV3 New Zealand

    3 News

    Nightly 6pm

  • Campbell Live - TV3 New Zealand

    Campbell Live

    Weekdays 7pm

  • 3rd Degree - TV3 New Zealand

    3rd Degree

    Wednesdays 8.30pm

  • The Paul Henry Show - TV3 New Zealand

    Paul Henry

    Starts 7th April

  • Three 60 - TV3 New Zealand

    Three 60

    Sundays 9.30am

  • The Nation - TV3 New Zealand

    The Nation

    Sat 9:30am / Sun 10am

Genesis shares set at $1.55

Friday 28 Mar 2014 5:42 p.m.

The Government has confirmed the final share price of Genesis Energy will be $1.55, and is expected to make $766 million in revenue from the sale.

In a press conference which began around 6:15pm, Finance Minister Bill English confirmed the price and said Genesis is expected to be 88 percent New Zealand owned.

The figure is expected to take the Government past its revised $4.6 billion to $5 billion target for the asset sales programme.

Mr English estimated the Government would make $4.7 billion from the sale of Genesis Energy, Mighty River Power, Meridian Energy and more of its shares in Air New Zealand.

The final price was set after the bookbuild process closed this afternoon and $620 million has been committed through institutional investors. Forty percent of the shares were available in the bookbuild and only 9 percent will be available for retail investors from 12:01am tomorrow.

This week the Government said it would sell up to 49 percent depending on demand, but had previously said it could sell as little as 30 percent. An indicative price $1.35 to $1.65 per share was set last month.

State-Owned Enterprises Minister Tony Ryall says increasing the share offer to 49 percent was based on market feedback and expected demand.

The Government had originally set a target of between $5 billion and $7 billion from the asset sales programme, but that figure was revised down.

The general offer closes at 5pm on April 11 and Genesis will be listed on the NZX on April 17.

Prime Minister John Key says Genesis Energy will be the last on the Government's asset sales programme.

3 News

Others Are Watching

comments powered by Disqus