O:Tu winemaker Marlborough Wine Estates to join NXT
Marlborough Wine Estates Group, the Chinese-owned maker of O:Tu and Music Bay wine brands, will join the NXT market next week in a compliance listing valuing it at $58.7 million.
The Auckland-based company will list 293.3 million shares on June 30 in a compliance listing on NXT, which Tim Preston, a director of NXT Adviser CM Partners, said was at 20 cents a share. The winemaker's listing document has been approved in principle and will likely be formally lodged in the next day or so, he said.
Marlborough Wine Estates is controlled by executive chairman Min (James) Jia, who owns 91 percent of the company directly, and a further 8.6 percent through MPMB Trustee Ltd.
Marlborough Wine Estates "is committed to producing high-quality Marlborough sauvignon blanc and targeting the premium end of the white wine market," the NZX listing notice said. "The company is developing growing recognition for its O:Tu and Music Bay brands as quality New Zealand white wines, particularly in China."
O:Tu Investments, a related entity, was granted Overseas Investment Office approval in 2013 to buy 336 hectares of land in Awatere Valley out of receivership for $8.2 million.
Marlborough Wine Estates' other directors include Ly (Lily) Lee, Zhong (Jack) Yin, Danny Chan, and Songyuan (Benny) Huang, none of whom show up as shareholders on the Companies Office register. The winemaker's 18 remaining shareholders on the register are Chinese nationals. Auckland-based Catherine Ma is listed as the company's sole director.