STEEL MILL FOR AUCKLAND
Finance Agreement Signed
(N.Z. Press Association —Copyright) LONDON, November 17.
The Pacific Steel 'Company, registered in New Zealand, announced in London that an agreement has been signed to provide finance for the new steel rolling mill it is buildring in Auckland. Of the total, £1,650,000 will be provided in the form of equity capital of which 60 per cent, will be held by the New Zealand group led by Fletcher Holdings. The remaining 40 per cent, of equity will be held in equal amounts by Colvilles. Guest, Keen, and Nettlefolds and Stewart and Lloyds. A further £1,100.000 is being provided in the form of debenture stock placed by Lazard Brothers and Company with the Commonwealth Development Finance Company. 15 British insurance companies, and the South British Insurance Company of New Zealand.
The balance of £850.000 will be provided in the form of short and medium term loans respectively by the Bank of New Zealand and the National Bank of New Zealand.
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Bibliographic details
Press, Volume XCIX, Issue 29366, 19 November 1960, Page 15
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165STEEL MILL FOR AUCKLAND Press, Volume XCIX, Issue 29366, 19 November 1960, Page 15
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