GRD suspends trading, pending announcement

Trade in listed mining and construction investor GRD Ltd was suspended this morning, pending an announcement.

The Perth-based company, which owns 57 percent of Otago miner Oceana Gold, said it expected to make an announcement today.

In September, GRD said it was reviewing its $A100 million ($NZ108.67 million) stake, possibly with a view to selling.

The former parent company attributed the "majority" of its own half-yearly after-tax profit fall of 42 percent to the under-performance of Oceana, New Zealand's largest gold miner, which has been producing gold since 1990.

Shares in the dual-listed GRD last traded at $2.80 on December 7.

- NZPA