Chorus, the infrastructure company to be spun off from incumbent Telecom New Zealand, has begun trading on the New Zealand Stock Exchange (NZSX), two days after making its debut on the Australian Securities Exchange (ASX).
Shares in the company, listed…
Chorus, the infrastructure company to be spun off from incumbent Telecom New Zealand, has begun trading on the New Zealand Stock Exchange (NZSX), two days after making its debut on the Australian Securities Exchange (ASX).
Shares in the company, listed under the ticker symbol CNU, started at a listing price of NZ$2.94 (US$2.2) and reportedly ended at NZ$3.21 (US$2.38).
On the ASX, on 21 November, its stock opened at A$2.27 (US$2.23) and closed at A$2.3 (US$2.24).
Chorus’ listing is part of a plan to demerge the company from Telecom New Zealand. In late May, Telecom NZ said that it would carry out structural separation, after officially winning the bid to build the country’s US$2.8bn ultra-fast broadband project (UFB).
The spinoff is expected to be finalised by 30 November 2011.
