Listing waiver for CHH

The New Zealand Exchange has granted Carter Holt Harvey a listing waiver so it can adopt a BNZ proposal to replace its existing syndicated multi-currency facility.

BNZ wanted to replace CHH's syndicated multi-currency facility with a new A$300 million ($317 million) multi-currency cash advances facility.

But CHH told the NZX the BNZ was regarded as a related party because one of its directors, Kerry McDonald, was chairman of BNZ's board.

It, therefore, was seeking a waiver from NZX listing rules so it could enter the "more favourable" transaction.