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1 week ago | 
businessdesk.co.nz | John Anthony
The largest shareholder in New Zealand-based healthcare and animal care company Ebos is selling $949 million worth of shares to redeploy capital into other growth opportunities.DiscountA substantial product holder notice issued by Ebos to the NZX and ASX on Wednesday said Sybos had entered into an agreement with UBS to manage and underwrite the sale of 26,740,177 shares in Ebos for $35.50 per share, an 8.81% discount on its $38.93 share price.Ebos’ share price fell about $2.50 following the...
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1 week ago | 
businessdesk.co.nz | John Anthony
Green Cross Health, which owns Unichem, Life Pharmacy and the country’s largest GP network, lifted its net profit after tax attributable to shareholders to $16 million for the year to March, up from $11.8m a year earlier.A Green Cross Health statement to the NZX on Thursday said the company had been navigating a difficult economic environment and a challenging primary healthcare landscape.“Amidst inflationary pressures, insufficient government funding and constrained consumer spending, a...
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3 weeks ago | 
businessdesk.co.nz | John Anthony
The owner of the Swedish-founded furniture company IKEA continues to expand its forestry footprint in New Zealand.
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1 month ago | 
businessdesk.co.nz | John Anthony
An EY Entrepreneur of the Year winner’s company has been ordered to pay US$257,395 (NZ$433,088) to a British Virgin Islands firm after a cryptocurrency and blockchain venture soured.MB Technology, a company from the British Virgin Islands, took legal action to be recognised as a shareholder of 2023 EY entrepreneur of the year David Yu’s New Zealand blockchain technology company Orbis Technology, which operates the digital collectibles platform VeVe.In a recent judgment, Justice Pheroze Jagose...
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1 month ago | 
businessdesk.co.nz | John Anthony
Medical professionals are boosting productivity with artificial intelligence transcription tools, but New Zealand’s public health system is still on the sidelines as Health NZ weighs their adoption.Health NZ said its National Artificial Intelligence and Algorithm Expert Advisory Group (NAIAEAG), which looks at AI matters in a health context, advises a precautionary approach to the use of AI tools within it, especially around risks to breach of privacy, inaccuracy of output, bias, lack of...
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1 month ago | 
businessdesk.co.nz | John Anthony
Shipping giant Wallenius Wilhelmsen, which operates one of the world’s largest vehicle transport fleets, has completed its takeover of New Zealand vehicle carrier Armacup, increasing its shareholding from 65% to 100%.A statement published on Armacup’s website on Thursday said the amended shareholders' agreement, entered into in 2022, included a provision for Wallenius Wilhelmsen to acquire the remaining shares.The transaction closed on April 30.Wallenius Wilhelmsen is listed on the Oslo Stock...
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1 month ago | 
businessdesk.co.nz | John Anthony
Global insurance brokerage giant Arthur J Gallagher & Co (AJG) has expanded its New Zealand footprint by acquiring financial advisory firm First Capital Financial Services (First Capital).AJG, one of the world’s largest insurance brokerage, risk management, and consulting firms, is listed on the New York Stock Exchange and has a market capitalisation of around US$55 billion (NZ$92.6b).In a market announcement, AJG confirmed the deal includes First Capital’s affiliate, First Capital Wealth...
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1 month ago | 
businessdesk.co.nz | John Anthony
New Zealand Crown institute AgResearch has partnered with US space-biology company Helogen to develop bacterial nanocellulose (BNC) in space.BNC is a fine form of cellulose produced by bacteria.
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1 month ago | 
businessdesk.co.nz | John Anthony
TAG Oil has sold its non-core royalty assets in New Zealand for US$2.5 million (NZ$4.2m), six years after exiting the country.On April 8, the Canadian oil and gas company said its NZ subsidiaries had entered an agreement to sell NZ royalty interests to an “arm’s length party” for up to US$2.5m.Sale detailsThis week, TAG announced that it had closed the sale of its 2.5% gross overriding royalty on production from the Cheal, Cardiff, Sidewinder, Supplejack, Puka, and Cheal East permits in...
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1 month ago | 
businessdesk.co.nz | John Anthony
New Zealand advertising agency Thompson Spencer is expanding into Australia, just weeks after merging with fellow agency Reason.The March merger, between Thompson Spencer founders Wendy Thompson and Melanie Spencer, and Reason co-founders Tim Pointer and Matt Rowe, formed one of the largest independent agency groups in New Zealand, with a combined team of 56.Growth goalsBoth agencies have operated in New Zealand for 15 years and now the merged entity has its sights on Australia, opening...
