WELLINGTON, New Zealand, March 19 /PRNewswire/ -- Tranz Rail Holdings Limited (NZSE: TRH; Nasdaq: TNZRY) today reported that the previously announced secondary offering by Berkshire Fund III and shareholders affiliated with Berkshire Fund III ("Selling Shareholders") was settled March 18, 1997 (U.S. time). Underwriters to the secondary offering exercised the 15 percent over allotment option granted them by the Selling Shareholders. As a result 11,317,047 Ordinary Shares in the form of American Depositary Shares (ADS) have been sold to the Underwriters at a price of US$18.00 per ADS. Each ADS is equivalent to three Ordinary Shares. Copies of the written prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933 may be obtained by prospective investors in the United States from Goldman, Sachs & Co., 85 Broad Street, New York, N.Y. 10004; Attention: Prospectus Department. Prospective international investors may obtain the international prospectus from Goldman Sachs International, Peterborough Court, 133 Fleet Street, London EC4A 2BB, England; Attention: Prospectus Library. Shares of Tranz Rail Holdings Limited are publicly traded on the New Zealand Stock Exchange under the symbol TRH and the U.S. American Depositary Shares (ADS) of the company are traded in the Nasdaq National Market System under the symbol TNZRY (each ADS is equivalent to three (3) shares). The company is the leading multi-modal freight transport and distribution company in New Zealand and operates the only commercial railroad providing freight and passenger services utilizing 3,900 route kilometers (2,400 miles) of track, approximately 340 locomotives, 7,000 wagons (freight cars), 90 carriages (passenger railcars), 180 self propelled passenger railcars, 2,400 shipping containers and three roll-on-roll-off rail ferries between the North and South Islands. CONTACT: Ronald G. Russ, executive manager and chief financial officer of Tranz Rail Holdings Limited, Wellington, 011-644-498-2099/ (TNZR)