The Graeme Hart-controlled Carter Holt Harvey revived plans for an initial public offering of its New Zealand Carters Building Supplies distribution business in August, after scrapping its original plan to float its Australian and New Zealand timber products and building supplies businesses. Sources: Radio New Zealand, The Australian, New Zealand Herald
But Carter Holt said the ongoing uncertainty in global equity markets had led it to reconsider the merits of a listing at this time.
Now it has confirmed it has once again postponed an initial public offering due to persistently poor market conditions.
The planned share offer has already been delayed once, in June, when it said it had doubts about the future earnings of the Australian timber business.
The Carter Holt share float has been estimated to be worth up to $1 billion.
Mr Hart’s Rank Group acquired the company in 2006, when it primarily comprised significant forestry plantations used for timber and building products, pulp, paper and packaging. These have since been sold.
Credit Suisse, First New Zealand Capital, Deutsche Bank, Deutsche Craigs and Forsyth Barr were all on the float, which was radically reduced in value earlier this year to just $200m. Kiwi billionaire, Graeme Hart, paid $NZ3.31billion in 2006 for the then sprawling company.
According to sources the company may pursue a trade sale rather than mount a third attempt at an IPO.
