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
Steel & Tube Holdings (NZX: STU) will take Fisher & Paykel Appliances' place in the NZX50, the market operator has announced.
Yesterday, Chinese whiteware giant Haier reached the 90% compulsory acquisition mark of F&P, allowing it to delist the company.
NZX senior strategy analyst John Fernandes says Steel & Tube met all criteria for inclusion in the NZX50 at the time of F&P's notice of dominant ownership.
The change will be made after the market's close on Tuesday and be effective from the following day – the day of Steel & Tube's annual meeting in Wellington.
At the current share price of $2.13, just two cents higher than it started the year, the local steel products maker is valued at $188 million.
Entry into a benchmark index typically benefits a stock because index-weighted funds are required to hold it in their portfolio.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Air NZ exclusive club member quits, says saga has been a ‘storm in a teacup’
- Auckland business damns a ‘perfect storm’ of red tape – and English signals change
- Former PM in Mainzeal lawsuit, RMA reform stymied, $10b cottage industry attracts big players
- Kiwifruit packer analyses its business publicly
- F&P Healthcare beats annual profit forecasts, says earnings will increase further this year