Westfield Corporation (WFD), the international arm of the retail mall empire started by Frank Lowy, is looking to decamp from Australia for an offshore listing within the next year.
Chairman Lowy told the AGM in Sydney yesterday the company was currently reviewing the costs of an overseas listing.
"We have made it clear at the time of the restructure that …we are intending to list elsewhere and the details have not been fully worked out, it’s a very complex issue," Mr Lowy told the meeting.
"There will be no solution, until there is listing, as to where head office and administration will be."
Westfield alluded to a possible overseas move, or even dual listing (like BHP Billiton and Rio Tinto) last year, after its restructure, which saw the international and Australian and NZ malls separated (The latter into a company called Scentre).
"That review is ongoing and we expect to report back with a recommendation by the next annual general meeting," Peter Lowy said.
After the meeting, the Mr Lowy said; “we will look to involve the Australian shareholders in the future of the company.”
In response to a question from a shareholder, Mr Lowy said that at the time of the restructure "we made it clear we would look at all costs, including listing overseas.
"It is a complex issue, but we always look at the most efficient and best way we can save costs, and that could include listing overseas," Mr Lowy said.
Analysts have said that with the business overseas and more international shareholders on the register, being located in the same hemisphere would be more attractive to these investors.
Most of the company’s business is in North America. Outside of that region, it has the Westfield London, Stratford and Croydon malls in Britain and a new centre in Milan. It has no assets in Australia.
News Corp is dual listed on the New York Stock Exchange and ASX.
Westfield securities ended the day on $10.84.
