Ebos Group to list on ASX
Ebos Group will list on the ASX Australian stock exchange in early December, saying it has already seen extra interest from Australian investors.
The Australian listing board had set aside December 6 as the listing date, the Christchurch-based company said.
Trading was expected to commence on or around that date under the code EBO.
Ebos' primary listing will remain on the NZX.
Ebos managing director Mark Waller said the dual listing on the ASX would give greater ability to Australian institutional and retail investors to trade the company's shares.
This would deepen liquidity or the trading of shares for the benefit of all shareholders, Waller said.
Earlier this year Waller said the company was working toward an Australian listing, including conversations with the ASX on compliance issues.
There was already some investment in Ebos from institutions across the Tasman and extra interest should help the share price, he said at the time.
Ebos shares were 18 cents weaker at $9.20 in early afternoon trade.
In terms of its business model Ebos had built a "highway" for distribution of medical, pharmaceuticals, petcare and other supplies to GP offices, pharmacies, hospitals and veterinary outlets New Zealand-wide.
It recently bought Australian-based Symbion from the Swiss Zuellig family.
"The $1.1 billion acquisition of Symbion earlier this year transformed Ebos into the largest diversified Australasian marketer, wholesaler and distributor of healthcare, medical and pharmaceutical products by revenue and a leading Australasian animal care products marketer, wholesaler and distributor," Waller said today
"Since this acquisition we have received increasing interest from Australian investors."
In August Ebos reported a net profit of $28.2 million in the year to June 30, just 1 per cent up from $27.95m in the previous year.
Stripping out the effect of Symbion purchase, which included $6m of one-off transaction costs, Ebos reported a profit of $29.5m, up 5.5 per cent from the June 2012 year.
- Fairfax Media