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.