APN buys out Hong Kong firm

TOM PULLAR-STRECKER
Last updated 16:09 18/07/2014

Relevant offers

World

Kiwis falling behind in green ICT US Fed rate stance bets boost markets No bounce in US incomes after recession RBA says Australian dollar overvalued Simon Xie: Alibaba's unassuming lieutenant OceanaGold speeds up Didipio mine China's stock surge tipped to fizzle NZ firm named in huge European scam Ferrari boss quits leaving Fiat head in driving seat Big US banks pressured to shrink

Media company APN has paid A$14 million ($15.1 million) to buy out its joint-venture partner in an outdoor advertising company in Hong Kong.

The company has acquired full ownership of Buspak Advertising, which sells electronic and display advertising space on the inside and outside of 1700 Hong Kong buses and also owns 160 billboards in the city.

APN, which publishes the New Zealand Herald, bought the half-share in Buspak previously owned by partner Clear Channel Hong Kong.

Chief executive Michael Miller said the acquisition was in line with APN's strategy of wholly owning more of its growth assets.

APN shares were trading unchanged at 80 cents in late afternoon trading on the NZX.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content