New Zealand Gas Station Chain Z’s Owners May Sell 60% to PublicChris Bourke
The owners of Z Energy Ltd., a gas station operator that supplies a third of New Zealand’s fuel, may list it on the nation’s stock exchange as they prepare to sell a stake to the public.
Joint investors Infratil Ltd. and the New Zealand Superannuation Fund may sell as much as 60 percent of the company in a public share sale in the third quarter, they said in a statement. No final decision had been made on the listing, which would depend on market conditions, they said.
“Z Energy has strong cash-flows, a good dividend outlook and growth options which would suit a wider investor audience,” Infratil Chief Executive Officer Marko Bogoievski said.
Infratil and the Superannuation Fund bought Z Energy from Shell Oil Co. in 2010 and then rebranded Shell gas stations as Z throughout New Zealand. The investors want to keep stakes in the company of between 20 percent and 30 percent if the sale proceeds, according to the statement.
Z Energy earned NZ$1.49 billion ($1.2 billion) of revenue in the six months to Sept. 30, according to its website.