Commonwealth Bank takes share in ERoad

The Commonwealth Bank of Australia has taken a substantial shareholding in ERoad, two months after the logistics and fleet management company floated on the New Zealand Exchange (NZX).

Australia's largest bank holds a 5.19 per cent stake, or 3.1 million shares worth .54 million ($8.88m), in the Auckland-based company, according to a substantial holding notice lodged with the NZX.

In mid-August, ERoad listed on the NZX, raising in new capital to fund international growth.

It sold 15.3 million shares at apiece, with existing owners keeping a 75 per cent stake in the company.

Shares of ERoad have gained 22 percent since listing.

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