Meridian ready to be partially floated
Updated at 7:03 am on 10 December 2012
Meridian Energy says it's ready to be partially floated as part of the Government's strategy to raise more money.
Mighty River Power is the first State enterprise to be prepared for partial sale, which was put back from September this year and is now scheduled for between March and June next year.
And the Government has flagged it wants to partially float another company by the end of next year, with Meridian expected to be the next .
The company appointed Sally Farrier, Mark Cairns and Jan Dawson as directors this year in preparation for partial-privatisation.
Chairman Chris Moller said Meridian would not have been able to secure chief executive Mark Binns, who was formerly with Fletcher Building, if the potential for a partial float had not been on offer.
Mr Binns said Meridian has undertaken due diligence company-wide and has a team in place ready to deal with a partial float.
He said a partial float will bring a focus on capital and how it's used, how efficient the whole company is in terms of generated expected returns in the sector.
Mr Binns said the company expects to improve on last year's full year result.
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