29 Sep 2015

Carter Holt Harvey puts share float back on hold

4:11 pm on 29 September 2015

Wood products company Carter Holt Harvey has put its plans to float on the Australian and New Zealand sharemarkets back on hold.

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Photo: Wikicommons

The Graeme Hart-controlled firm revived plans for an initial public offering of its New Zealand Carters Building Supplies distribution business in August, after scrapping its original plan to float its Australian and New Zealand timber products and building supplies businesses.

But Carter Holt said the ongoing uncertainty in global equity markets had led it to reconsider the merits of a listing at this time.

The planned share offer has already been delayed once, in June, when it said it had doubts about the future earnings of the Australian timber business.

The Carter Holt share float has been estimated to be worth up to $1 billion.

Mr Hart's Rank Group acquired the company in 2006, when it primarily comprised significant forestry plantations used for timber and building products, pulp, paper and packaging. These have since been sold.