A2 Milk Co plans to list in early 2015 on the Australian stock exchange.
The Auckland-based company doesn’t plan to raise any new capital in an ASX float and will keep its New Zealand incorporation and NZX listing, it said in a statement on Tuesday.
It has hired Goldman Sachs New Zealand and DLA Piper Australia to manage the listing, and hopes to join the Australian bourse in the first quarter of 2015.
In August, managing director Geoffrey Babidge called the Australian market A2’s “big cash generator” and said it would bankroll its push into new markets.
The company reported annual sales rose 17 per cent to $NZ111 million ($A103.34 million) in the year ended June 30, of which 96 per cent came from Australian sales.
A2’s annual profit tumbled to $NZ10,000 from $NZ4.1m a year earlier, as the strength of the kiwi dollar against its Australian counterpart weighed on sales.
“With a significant part of our earnings and growth coming from Australia, seeking an ASX listing is a logical strategic move for the company,” Mr Babidge said on Tuesday.
“Listing on ASX will enable more Australian investors to participate in the company’s growth and will increase the attractiveness and liquidity of its shares. The board believes that this will benefit all shareholders.”
Shares of A2 were unchanged at 60 NZ cents, and have fallen some 25 per cent since the start of 2014, underperforming the NZX 50 Index’s own 16 per cent gain.
