EROAD eyes ASX listing

NZ Stock Exchange listed road transport technology company EROAD (NZX: ERD) is looking at listing on the Australian Stock Exchange in 2020.

The company says interest from Australian and other international investors is increasing and an ASX Foreign Exempt Listing would facilitate greater alignment between its business operations and its investor base. It plans to retain its NZX listing.

The possible ASX listing comes as the company issued its quarterly update reporting 28 percent annualised growth in total contracted units, 62 percent growth in North America

EROAD says it was launched to modernise New Zealand’s paper-based road user charging system and by 2009 had introduced the world’s first nationwide electronic road user charging system.

The company claims its technology now collects 46 percent of heavy vehicle road user charges in New Zealand and by March 2019 had delivered $2.5 billion to NZTA. In the US the company claims to have introduced the first electronic weight mile tax service in 2014 and in 2017 the first independently verified electronic logging device service.

The company was recently invited to present its technology at a regional transport connectivity forum in Montenegro.

“Attendees were keen to learn from EROAD because the company pioneered technology that has already delivered NZ$2.5 billion to the New Zealand Transport Agency for the sustainability of NZ’s transport network,” it said.

“The company’s products and services are also delivering significant decreases in road incidents within the commercial vehicles that have installed EROAD technology.”

EROAD CEO Steven Newman said most countries were facing the same challenges: paying for and maintaining road infrastructure and improving road safety.