Global sale of MRP shares

JASON KRUPP
Last updated 05:00 12/04/2013

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Mighty River Power (MRP) shares are likely to end up in the hands of more than just Australasian investors, with the firm's executives about to embark on an international whistlestop tour to promote the float.

Chief executive Doug Heffernan and chief financial officer William Meek are expected to visit Hong Kong, Britain and the United States to meet investors.

The Government has said it was looking to sell between 10 per cent and 15 per cent of total MRP shares to international investors, with the remainder held by Kiwi mum-and-dad investors, and the Crown keeping a 51 per cent stake.

It was expected Australian investors would buy most of the international stake, with MRP stock being dual listed on the ASX. The Treasury said it was always intended to open the offer to global institutional investors.

A decision on the percentage of MRP shares held by overseas investors would be made after the retail offer closed on May 3. State Owned Enterprises Minister Tony Ryall's office and MRP deferred comment to Treasury.

Opposition parties cited the news as further evidence of National misleading the public on the deal.

"I was under the impression it was going to be so popular that most of it would be in Kiwi hands," Labour SOE spokesman Clayton Cosgrove said.

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