Transpacific hopes to list on NZ stock exchange in July

Australia's Transpacific Industries continues to work towards a listing on the New Zealand stock exchange next month, after buying Waste Management for $870 million.

Transpacific's chief financial officer Trevor Coonan told The Dominion Post newspaper today that the company expected the listing to be in July, but it could be August.

Transpacific was adjusting its plans after being outbid for Brambles' Cleanaway and Industrial Services businesses in Australia this week, Mr Coonan said.

Transpacific wanted to raise A$400 million ($482.5 million) through issuing new shares and hybrid equity.

Of that, A$300 million would be used to refund bridge financing put in place for the Waste Management purchase.

Waste Management shares ceased trading yesterday and will be delisted from the NZX next Tuesday. It becomes part of Transpacific on July 3.

- NZPA