(Adds Airwork profit, updates share reaction)
WELLINGTON Oct 4 Chinese investment company
Zhejiang Rifa Holding Group has made a NZ$203 million ($148
million) bid to acquire majority control of New Zealand's
Airwork Holdings Limited, sending shares in the
aviation company soaring.
Auckland-based Airworks, which carries out plane and
helicopter maintenance as well as providing charter services,
said in a statement that it is considering the offer for 75
percent of the company.
Shares in the company jumped 14 percent to NZ$5.05 but did
not reach the bid price of NZ$5.40 per share.
The deal needs approval from New Zealand's Overseas
Investment Office as well as transport regulators and Chinese
Rifa plans to keep Airworks listed on the New Zealand stock
Airworks posted net profit after tax of NZ$24.6 million in
the 2016 financial year, up 58 percent from the previous year.
($1 = 1.3723 New Zealand dollars)
(Reporting by Charlotte Greenfield; Editing by Edwina Gibbs)