Chase Corporation (CCF)

Profile

Exchange: AMEX       Sector: Industrial Goods       Industry: Industrial Equipment & Components

Chase Corporation was a property development company in New Zealand that flourished in the 1980s, became devalued in the 1987 New Zealand stock market collapse, and is now defunct. Chase Corp had a major effect on the New Zealand economy, starting out in the 1970s with small property developments, becoming an extremely large player in the New Zealand commercial property market in the 1980s. Launching itself as a publicly listed company in April 1983, Chase Corp's share price rose to a high of $10.40 by June 1987, with an estimated value of NZ$3.6 billion. Chase Corp was one of the largest companies on the New Zealand share market, and had also became multi-national, spreading into Australia, England and the United States of America. After the New Zealand sharemarket crash on 20 October 1987, Chase Corp share price continued to drop and it effectively never recovered from that point, as the New Zealand property market collapsed. On 4 July 1989, the NZ Government appointed statutory managers to run the NZ property interests of Chase Corp. The company was formally wound up in July 1996.