28 May 2015

Midday Briefs

4:21 pm on 28 May 2015

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

Chevron NZ sells its Refining NZ stake

Chevron New Zealand is selling its 11.4 percent stake in Refining NZ. The US-owned company has 35.5 million shares in the country's only refinery.

It is seeking at least $2.32 a share, with the sale being conducted by Deutsche Craigs.

Refining NZ said it would continue processing crude oil for Chevron New Zealand

It said that the sale would lift the refinery's free float to 46.25 percent.

AFT's US expansion continues

AFT Pharmaceuticals has secured an additional $US7.5 million to help it with its expansion in the United States.

AFT's founders, the Atkinson Family interests, retain almost 87 percent ownership in the company, while CRG increases its stake to almost 9 percent.

The company said additional investment from the AFT board and specialist US-based pharmaceutical experts rounded out the equity raising, which was oversubscribed, with significant demand from the United States.

Higher loss for cancer testing firm

The cancer testing firm, Pacific Edge, has reported a slightly higher loss as it continues to invest.

The Dunedin-based company lost $10.6 million in the year to March, compared with the previous year's $9.4 million loss.

Revenue jumped to $3.4 million of which 57 percent came from sales of its bladder cancer test in the United States.