INDEPENDENT NEWS

CLEAR Communications Retires Debt

Published: Fri 27 Aug 1999 01:10 PM
CLEAR Communications has paid off all outstanding bank debt following a NZ$170 million injection of additional equity from shareholder BT which recently increased its investment in CLEAR to 100%.
Chief Executive Tim Cullinane said that the move had considerably strengthened CLEAR's balance sheet, as the company moved to finalise its capital programme for the next two years.
CLEAR is now debt free and therefore in a strong financial position as the company turns around the operating performance of its traditional tolls business and embarks on an aggressive plan to become New Zealand's number one online service provider to the commercial sector.
Mr Cullinane said that CLEAR's financial result for the year ended 31 March 1999 would reflect the company's rebuilding phase, although growth prospects were strong in the medium term.
He said that while CLEAR would remain in its tolls and residential businesses, its focus would increasingly be on business customers as an online service provider.
ENDS

Next in Business, Science, and Tech

National Backs Businesses With $10k JobStart
By: New Zealand National Party
Government Exempts Some Home Improvements From Costly Consents
By: New Zealand Government
The New Zealand Herald Named Newspaper Of The Year, Website Of The Year At Voyager Media Awards
By: New Zealand Media and Entertainment
ASB Takes The Lead Again With New Low Home Loan Interest Rate
By: ASB Bank
The Problems With Testing And Case Statistics For Covid-19
By: Nathan Hoturoa Gray
Fletcher Building to lay off 1000 staff in New Zealand
By: RNZ
Driving prompt payments to small businesses
By: New Zealand Government
On Why We Should Legally Protect The Right To Work From Home
By: Gordon Campbell
Thousands Of Kiwis Travelling For Queen’s Birthday Weekend
By: Auckland Airport
Understanding 5G Concerns – Expert Q&A;
By: Science Media Centre
Record Monthly Surplus As Imports Dive
By: Statistics New Zealand
Bar reopening night 'much, much quieter'
By: RNZ
New Zealand’s population passes 5 million
By: Statistics New Zealand
Seven Weeks Of Clearing The Air Provides Huge Benefits: Scientist
By: NIWA
Milestone In Cash Flow Support To SMEs
By: New Zealand Government
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media