Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
GuocoLeisure, the diversified investment company once known as Brierley Investments, plans to delist from the NZX, meaning its dwindling New Zealand shareholder base will have to use the Singapore Exchange (SGC) in future.
The Singapore-based company said New Zealanders now own just 4.2% of total shares on issue. So far in 2013, daily turnover on the NZX has been 22,567 shares compared with 2.3 million a day on the SGC.
"The board considers that the costs of remaining listed on the NZSX outweigh the benefits of maintaining that listing," the company said in a statement.
After delisting on June 27, New Zealand shareholders will continue to hold legal title to their shares, and will continue to be paid dividends in New Zealand dollars, receive corporate documentation and notices, and be able to attend meetings and vote, it said. The stock will be transferred to the Singapore branch register.
GuocoLeisure is made up of four divisions. Guoman Hotels manages hotels in the UK and Malaysia under the Guoman and Thistle brands; the gaming division operates London's Clermont Club; the oil & gas division gets royalties from the Bass Strait Oil Trust; and the property division owns the 54,677 acre Molokai Properties on the island of Molokai in Hawaii and Tabua Investments in Fiji.
The shares fell 1.2% to 82 cents on the NZX and have climbed 28% this year.