REFINERY PROJECT
Shares Offered To Public (N.Z. Press Association) WELLINGTON, Sept. 25. The New Zealand Refining Company, Ltd., which is building the oil refinery at Whangarei, will offer for public subscription approximately one million ordinary shares of £1 each. The company was formed by the oil companies marketing oil products in New Zealand. The company announced the issue this afternoon. The funds raised by the issue will be used to build the refinery, including jetties, roads and buildings, the total cost of which is estimated at just under £lO million.
The nominal capital of the company is £6 million and it will be fully issued, the oil companies having already subscribed for £4,114,286. The balance of the funds required will be obtained by loans from the oil companies and by short-term borrowing. The whole of the public issue will be underwritten by the oil companies.
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Bibliographic details
Press, Volume CI, Issue 29937, 26 September 1962, Page 16
Word Count
145REFINERY PROJECT Press, Volume CI, Issue 29937, 26 September 1962, Page 16
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