Shareholders in Lion Nathan Ltd., New Zealand's largest beverage company, have approved the migration of the company's head office to Sydney, Australia, effective June 2. The company's primary listing also will move to Australia, where about 80% of Lion's annual profits are derived.
Lion announced the migration plan at its September-February profit results meeting last month, saying it was prudent to locate the company's head office in the country were almost three-quarters of its assets are located. Lion Chairman Douglas Myers told the shareholder meeting the move to Australia would have a long-term positive impact on the company's share price.
The company remains committed to its New Zealand business, Myers said, with this month's acquisition of a 19.9% stake in local wine firm Montana evidence of that commitment.
The company is 45% owned by Japanese brewers Kirin Brewing Co. Ltd. and operates in New Zealand, Australia, and China.