NEW MOVES BY PYE IN AUSTRALIA
Controlling Interest To Be Sold The chairman of Pye, Ltd., England (Mr C. O. Stanley), told shareholders at the annual meeting that it had been decided to sell the controlling interest in Pye Industries. Ltd., Australia. The move followed a decision by the English group to transfer control of some of its overseas subsidiaries to local shareholders. The English group held more than 50 per cent, of the capital of Pye Industries, Ltd., formerly Technico, Ltd. In addition the English group recenty purchased the 12 per cent, controlling interest in Electronic Industries, Ltd., held by Sir Arthur Warner and the Abrahams family, in a deal involving more than £1 million. Pye, Ltd., sold the shares in Pye Industries on the open market. It is understood that the English company will retain a minority interest in Pye Industries.
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Press, Volume XCVIII, Issue 29016, 3 October 1959, Page 18
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143NEW MOVES BY PYE IN AUSTRALIA Press, Volume XCVIII, Issue 29016, 3 October 1959, Page 18
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