South Canterbury Finance to list

Privately held South Canterbury Finance, one of the country's biggest finance companies, today confirmed it is gearing up for a sharemarket listing.

The 80-year-old firm is controlled by Timaru businessman Allan Hubbard.

Mr Hubbard, 77, last year bought out his long term partner, Humphry Rolleston. Now he plans to sell up to 75 per cent of his holding - which is held under the name Southbury Group Ltd.

Forsyth Barr has been appointed as lead manager, while Timaru-based financial services minnow Munro Hubbard Ltd will co-manage the float.

Today's news confirms a two-month rumour.

No further details were released, but sources close to the deal have previously said the float was likely to value the company at $200 million, making it one of the richest sharemarket offerings in the second half.

The low-profile Mr Hubbard is one of the South Island's wealthiest men, with an estimated worth of $400 million. He has investments across a range of industries, but lives a humble existence, still driving about in an ancient VW Beetle.

South Canterbury Finance last month posted a record after tax profit of $26.5 million for the year to June.

Profits before tax rose $5.8 million to a record $30.2 million, up nearly 24 per cent on the previous year.

Total assets topped $1 billion for the first time in its 80-year history, making it the country's second biggest consumer finance company after bank-owned UDC.

- NZPA