20 May 2015

Business Briefs

2:06 pm on 20 May 2015

A round-up from Radio New Zealand's business reporters:

Kiwi Property Group on track to raise $150m

Kiwi Property Group says it has successfully completed part of a capital-raising drive to raise $151.9 million.

It says 93 percent of institutional investors took up the offer of one new share for every nine held, at a discounted price of $1.20 each, raising about $65 million.

As a result of the strong support, it says only a small number of new shares are available for the institutional bookbuild component of the offer, which is being conducted today.

The retail component of the offer opens tomorrow.

TruScreen's eyes on China

TruScreen says it wants to raise between $3 million and $4 million through the issue of new shares.

It says the new capital will be used to fund the manufacturing of sensors to meet demand from China and other international markets.

BusinessNZ CEO to resign

The chief executive of BusinessNZ, Phil O'Reilly, is resigning after a decade in the job.

Mr O'Reilly will step down at the end of the year.

But he will continue to represent New Zealand internationally as the chair of the Business and Industry Advisory Committee to the OECD and as a member of the Governing Body of the ILO, until those terms end in mid-2017.