Soros lifts GPG holding

Last updated 10:17 24/08/2012

Relevant offers

Industries

Auckland Council will no longer buy land for parks, will rely on developers to provide them Woolworths Australia tipped to sell Ezibuy as part of restructure Australian parent Woolworths closes six Countdowns House prices could fall 11 per cent by late 2019, as building catches up: Infometrics Woolworths Australia to close dozens of stores, cut 500 jobs McKinsey Global Institute: a different look at income inequality HD version of Freeview's satellite television service on the horizon Wellington student accommodation blocks for sale Ivanka Trump on her 'amazing' father and building her own brand Fraud crackdown gets software upgrade as NZ software company Auror expands in Australia

An investment fund run by US billionaire George Soros has emerged as a significant shareholder in NZX-listed GPG.

In a statement to the stock exchange this morning GPG said Soros Fund Management had taken its stake to 7.9 per cent, after acquiring more shares through its associated company Quantum Strategic Partners.

At current prices the stake has a market value of about $66 million.

The Soros announcement comes a day after Singaporean investor Tan Chin Tuan said it had sold out of GPG completely, after disposing of its remaining 5.4 per cent stake.

GPG is in the process of selling assets and returning cash to shareholders.

Its shares were trading around 52.5c yesterday, valuing the company at $851m.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content