Contact Energy Profit Rises, Plans NZ$525M Raise; Offers King Country Buyout

New Zealand utility Contact Energy (CTE) reported a 12% rise in first-half profit to NZ$193 million, boosted by higher electricity prices and strong demand. The company plans a NZ$525 million equity raising to fund growth and debt reduction. Separately, Contact has offered to buyout King Country Energy, a smaller competitor, to expand its distribution network. The offer values King Country at NZ$150 million.