Home Building Society vows to deliver

Home Building Society made a stunning sharemarket debut on Friday, with its $1 shares opening at $2.70, then soaring to $3.45 before closing at $2.80. Home joins BankWest as Western Australia's second listed deposit-taking institution.

Its 40,000 members received preferential stock entitlements and at listing it had 7,124 shareholders. It had planned to take its IPO to the public but was swamped with interest from members. It intends to pay a 4.2 cent dividend after June 2002. Home has almost $1 billion in funds under management, total assets of $707 million and a $509 million loan book.

A delighted managing director, Jim Freemantle, said after Home's Friday debut that it's now up to him and his staff to live up to the public's expectation and successfully transform the organisation from a 58-year-old mutual society to a modern publicly-owned financial institution.

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