Chow brothers to list on NZAX

A lengthy battle over liquor licensing has exhausted the Chows' patience. Photo / Michael Craig

Sex baron brothers John and Michael Chow are about to list on the NZAX.

A statement has just been released giving details of the listing and telling how they are mounting a reverse takeover for listed shell RIS Group, which is listed on the NZAX - the NZX's alternative exchange.

"Chow Group is excited to announce that today we have signed an agreement that will pave the way for us to back-door list our quickly expanding property holdings", John Chow said.

"Michael and I are committed to growing our property investments in New Zealand at a fast pace and to do that we need to attract capital from local and international sources. Going public with our property portfolio is a natural step in our expansion plans.

"We are holders not sellers and we have grand plans for further expansion into the accommodation and hotel markets in New Zealand. We have just finished converting two tired old commercial properties in Auckland into vibrant serviced residential accommodation and we are just starting our redevelopment of Rotorua's largest commercial building into a four-star hotel.

"We buy right and have the cash-flow and commitment to expand our property holds exponentially if we can also tap into public backing via shareholding. We don't want to be seen as just another passive listed property company and with our go fast-grow fast reputation I am sure the market will not see us in that light.

We are on this ride to make money but not at the expense of buildings that don't add value to the community for the long term. We enjoy turning tired unprofitable buildings into revamped properties we are proud to hold for the long term returns.

"But that is just one aspect to our property dealings. We have exciting plans for the future here in NZ and we can't wait to get listed so that investors who see what we see can hop on for the ride. We don't expect it to be a bumpy ride but we do expect good returns for investors," the statement said.