KEY POINTS:
Australian-based leisure unit MFS Living and Leisure Group has listed on the stock exchange today as an overseas listed issuer.
MFS Living and Leisure, 19.9 per cent owned by investment and financial services company MFS, is engaged in a takeover offer for fellow listed company, Tourism Holdings.
However, the Australian company said it wanted to list here regardless of the outcome of the bid.
MFS Living and Leisure chief executive Marshall Vann said the listing was "a very logical step".
"We have previously indicated our intention to commit to the New Zealand market and we are delighted we are now listed in New Zealand. In addition to our assets in Australia and Asia, we intend to have assets in New Zealand."
MFS Living and Leisure Group operates tourism operations around the world, including aquariums in Australia and Bangkok, tree top walks and ski fields.
NZX markets development manager Geoff Brown said tourism and leisure was "an exciting and fast-growing sector to be investing in".
Shares in MFS Living and Leisure listed at $1.10. It has a market capitalisation of A$185 million ($211m), compared with Tourism Holdings' $271m market cap.
Tourism Holdings was down 2c in mid-day trading to $2.70, well below MFS' offer of $2.80 .
Meanwhile, MFS is also entering New Zealand via a 40 per cent stake in financial services company MFS New Zealand, which plans to back into listed shell company Vistron by the end of the month.
- NZPA
