R’bow Prop lists
PA Auckland Rainbow Properties, Ltd, was listed on the New Zealand Stock Exchange yesterday, quoted at up to 240 c and selling for about 210 c. Rainbow Properties was formed through the acquisition by Rainbow Corporation of listed shell company A. M. Bisley. It was listed separately from Rainbow Corporation in the same way as recently listed Questar Corpora-
tion, and will operate in property investment, development and acquisition. Rainbow Properties holds 35 per cent of Argus Corporation and 40 per cent of Queenstown Resorts to be renamed Hobson Group. Directors predict an after-tax profit of 56.5 million in the first year, with developments next year valued at more than $lOO million.
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Press, 30 September 1986, Page 20
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115R’bow Prop lists Press, 30 September 1986, Page 20
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