New Zealand, October 20, 2014: The Commonwealth Bank of Australia has bought 5.19% stake worth $9.54 million in ERoad, two months after the logistics and fleet management company floated on the NZX. Founded in 2009, Auckland-based ERoad is one of the first companies to provide a nationwide GPS-based road-user charge system
EROAD was established with a view to modernise New Zealand’s paper-based RUC regime and in 2009 launched the world’s first GPS/cellular-based road charging system. The EROAD solution consists of a government-certified hardware product combined with a bank-grade web-based service and RUC gateway.
The stake is split across its subsidiaries, with Colonial First State Asset Management holding 4.4% and ASB Bank 0.8%. According to the notice, the various subsidiaries bought 2.6 million shares for $3.5 million during the July bookbuild, and have since boosted their stake to above the 5% substantial shareholder threshold.