Soros lifts GPG holding

Last updated 10:17 24/08/2012

Relevant offers

Industries

Sex toy thrower's boss won't comment on disciplinary actions Phone companies say they are putting NZ at an advantage Trade Me data-matching could expose more illegal car traders New Zealand shares in the red again as global sell-off continues Domino's Pizza launches start-up lab with robots and artificial intelligence in mind ASB chief executive says Auckland housing slowdown would be welcome Hamilton's Forlong's following trend of long-time retailers considering closure New hope for Hawaiki or Bluesky cable after Pacific Island leaders meet in Auckland Competition watchdog says it has purged phone contracts of unfair fine print Foreign tourists just part of NZ shoplifting 'epidemic'

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