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Current as of 02/12/16 07:39PM NZST

Chow brothers' listing gets NZX tick

Strip club owners and property developers Michael Chow (left) and John Chow. Photo / NZME
Strip club owners and property developers Michael Chow (left) and John Chow. Photo / NZME

Strip club owners and property developer brothers John and Michael Chow's back-door listing on the New Zealand stock exchange has received its final regulatory tick.

The businessmen released their plans for the reverse listing in November, which will see them take over more than 90 per cent of the shares of NZAX listed-shell company RIS Group.

Under the deal RIS Group will buy the brothers' 16 Park Avenue company for about $7 million, through the issue of shares and for $500,000.

RIS Group chairman Roger Bennett said today that the NZX had approved the company's notice of meeting, the date and time of which was yet to be set.

"This is the final stage of the regulatory approval process...the only outstanding condition of the agreement is the approval of the agreement by shareholders," he said.

John Chow said in November that he and his brother were "committed to growing our property investments in New Zealand at a fast pace".

"To do that we need to attract capital from local and international sources. Going public with our property portfolio is a natural step in our expansion plans," he said.

- NZ Herald

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