Royal Wolf buys ContainerTech to expand in NZ
ASX-listed container services firm that won an award for its initial public offering last year is buying the container business of Auckland-based ContainerTech Group.
BUSINESSDESK: Royal Wolf Holdings, the ASX-listed container services firm that won an award for its initial public offering last year, has agreed to buy the container business of Auckland-based ContainerTech Group.
No price was disclosed for the transaction in Royal Wolf’s statement to the ASX.
ContainerTech has a fleet of about 500 hire containers and the acquisition will lift Royal Wolf’s earnings immediately, it said.
Shares of Royal Wolf last traded on the ASX at $A2.11. The shares were issued at $A1.83 and began trading in May last year.
Its $A91 million share sale won an IPO of the Year award from FinanceAsia, selling at 14.1 times 2011 earnings, compared to a sector average of 11.4 times, the company’s website says.
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Royal Wolf buys ContainerTech to expand in NZ
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