China’s Zhejiang Rifa makes $148 million bid for New Zealand’s Airwork Holdings

Shares in Airwork Holdings jumped 14 percent to NZ$5.05 but did not reach the bid price of NZ$5.40 per share.

By: Reuters | Wellington | Updated: October 4, 2016 3:02 pm
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Chinese investment company Zhejiang Rifa Holding Group has made a NZ$203 million ($148 million) bid to acquire majority control of New Zealand’s Airwork Holdings Limited, sending shares in the aviation company soaring.

Auckland-based Airworks, which carries out plane and helicopter maintenance as well as providing charter services, said in a statement that it is considering the offer for 75 percent of the company. Shares in the company jumped 14 percent to NZ$5.05 but did not reach the bid price of NZ$5.40 per share.

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The deal needs approval from New Zealand’s Overseas Investment Office as well as transport regulators and Chinese authorities. Rifa plans to keep Airworks listed on the New Zealand stock exchange.

Airworks posted net profit after tax of NZ$24.6 million in the 2016 financial year, up 58 percent from the previous year.

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