New Zealand’s CBL Corporation aims to raise up to $NZ63 million ($59.8 million) to finance its expansion plans.

The funds will aid a range of initiatives, including growing existing business lines, expansion into new markets and acquisitions.

CBL hopes to raise $NZ60 million ($57 million) from a share placement and up to $NZ3 million ($2.8 million) via a share purchase plan to eligible shareholders in New Zealand.

“The equity… is expected to provide CBL with greater flexibility to take advantage of organic and acquisition-led growth opportunities,” the credit and financial risk insurer says.

CBL signalled in August it will look to Australia and other global markets to lift earnings, after half-year profit fell 18.7% to $NZ18.49 million ($17.5 million).

It has made strategic purchases to grow foreign income, including the €94 million ($137 million) addition of Securities and Financial Solutions Europe, the largest specialist producer of construction sector insurance in France. The deal will close early next year.

It acquired Sydney-based Assetinsure in September last year.