Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Interest In Richina Pacific Subsidiary

Interest In Richina Pacific Subsidiary, Colyer Mair

Statement made by Alastair MacCormick, Chairman, Richina Pacific Limited

We have been advised today that Lowe Corporation has filed an application with the Commerce Commission seeking approval to acquire our fully owned subsidiary, Colyer Mair Limited.

A number of parties, including Lowe Corporation Limited, have on occasions indicated an interest in purchasing Colyer Mair, and discussions have been held with these parties.

Colyer Mair is a well-managed and profitable semi processor and marketer of leather, and is New Zealand’s leading independent operator handling up to 20% of the country’s output.

For an international investment company such as Richina Pacific, such approaches are not out of the ordinary, and discussions with Lowe Corporation are continuing.

It is inappropriate for Richina Pacific to comment further at this stage. Shareholders will be advised when there is anything material to report.

end

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO: