Richina Completes Mobil Sale

Statement made by Dr Alastair MacCormick, Chairman, Richina Pacific Limited

Richina Pacific has confirmed it completed the sale of the Wellington landmark office, shopping and car park complex, Mobil-on-the-Park, for $66 million yesterday.

The sale has released some $25 million in funds, which will be recommitted to the growth of the company. A portion of the funds will go towards planned capital expenditure at the company’s leather operation in Shanghai.