Xinhua
10 Jun 2021, 17:19 GMT+10
WELLINGTON, June 10 (Xinhua) -- A new share trading market, designed as a gateway to the NZX for small- and medium-sized enterprises (SMEs), has been granted a license by the New Zealand government on Thursday.
Commerce and Consumer Affairs Minister David Clark said Catalist Markets Ltd will provide a simpler and more affordable "stepping stone" for SMEs to raise capital. The Catalist market will open for trading on June 21.
"This is a big win for kiwi businesses and it ties in well with the government's focus on securing an economic recovery in the wake of COVID-19. Through Catalist, SMEs looking to grow into larger enterprises have a new means of getting there," Clark said.
"It's also fantastic news for consumers, who will have fresh investment opportunities and greater choice when it comes to diversifying their portfolios," he said.
Small Business Minister Stuart Nash said many early-stage companies would benefit from raising capital but cannot afford the initial and ongoing costs of listing on traditional exchanges.
"For businesses wanting to grow, the alternative to listing is to raise money privately. This can be difficult in New Zealand due to limited access to pools of capital, across both equity and debt markets," Nash said.
Providing another avenue for SMEs to access capital is particularly important in the current economic climate, as New Zealand rebuilds the economy following the impacts of COVID-19, he said.
For affordability, products listed on the exchange will only trade during periodic auctions, rather than continuously as on the NZX. This is intended to reduce costs for issuers and provide more accessible pathway for companies looking to grow, Nash said.
Get a daily dose of Manufacturing Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Manufacturing Mirror.
More InformationNew Delhi [India], July 2 (ANI): Union Minister of Communications Jyotiraditya Scindia slammed Congress President Mallikarjun Kharge...
Dehradun (Uttarakhand) [India], July 2 (ANI): Under the leadership of Chief Minister Pushkar Singh Dhami and Health Minister Dhan Singh...
New Delhi [India], July 1 (ANI): As the Digital India Mission completed 10 years on Tuesday, BJP leader Pradeep Bhandari drew contrast...
New Delhi [India], July 1 (ANI): Prime Minister Narendra Modi shared a blog titled 'A Decade of Digital India' on his official LinkedIn...
New Delhi [India], July 1 (ANI): Prime Minister Narendra Modi on Tuesday shared a detailed reflection on the completion of 10 years...
Jalalabad [ Afghanistan], June 30 (ANI/WAM): The UAE-funded maternity clinics are bringing hope to Afghan families. In Jalalabad, Nangarhar...
New Delhi [India], July 1 (ANI): Yard 12652 (Udaygiri), the second ship of Project 17A stealth frigate, being built at Mazagon Dock...
Mumbai (Maharashtra) [India], July 1 (ANI): Tata Motors reported total sales of 2,10,415 units in the first quarter of FY26, marking...
New Delhi [India], July 1 (ANI): Bajaj Auto Limited reported nearly flat total sales for June 2025 on a year-on-year basis, as gains...
Hong Kong, July 1 (ANI): China's harsh treatment of ethnic minorities, such as Muslim Uyghurs in the northwest province of Xinjiang,...
Mumbai (Maharashtra) [India], July 1 (ANI): In the automotive segment, Mahindra recorded total vehicle sales of 78,969 units, marking...
New Delhi [India], July 1 (ANI): The automobile industry in the country is expected to report mixed performance across segments for...