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


US$10.4 Million Richina Rights Issue Closes

Richina Pacific Limited
New Zealand
Web site:

30 May 2003


US$10.4 Million Richina Rights Issue Closes

Statement made by Alastair MacCormick, Chairman, Richina Pacific Limited

Richina Pacific has completed its one for one rights issue and raised US$10.4 million to settle debt and fund working capital for its fast growing leather manufacturing operations in Shanghai.

Subscriptions were received for US$7.7million worth of new shares, with the remaining US$2.7 million coming from the company’s largest shareholder and underwriter of the issue, Richina Enterprise Holdings Limited (REHL).

As a consequence, REHL’s interest in Richina Pacific has increased from 25.5% to 38.5%.

Directors were pleased with the overall uptake at 74%, with acceptances from New Zealand investors being almost 100%.

The injection of additional equity into the company will materially assist in reducing debt and interest cost and assist Richina to take advantage of the growth opportunities that exist in the global leather market.

The rights issue resulted in the company issuing 72.19 million new ordinary shares, increasing the number of ordinary shares on issue to 144.38 million.


© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


  • Bill Bennett on Tech