Fibremakers N.Z. £1.25m Capital

Press, Volume CIII, Issue 30389, 13 March 1964, Page 18

Fibremakers N.Z. £1.25m Capital

The ordinary share capital of Fibremakers (N.Z.), Ltd., will be £1,250,000 in 5s shares, the chairman of directors, (Mr K. B. Myers) said in Auckland yesterday. One million shares will be made available for public subscription. The parent company. Fibremakers, Ltd., Australia, will subscribe £lm.

’Die public issue will be made in the latter part of this year when a prospectus will be made available setting out the terms of the issue which Fibremakers. Ltd. will underwrite.

Sharebrokers for the issue will be Buttle, Wilson, Rutherfurd, and Company, Auckland. Construction of Fibremakers (N.Z.) £2.5m nylon spinning mill at Wiri, near Manu-

rewa, is fully up to schedule, directors say. The warping mill will be in operation in May and the production of nylon filament yarn is expected to start in December.

The factory will be producing at a rate of 3mlb of nylon yarns and staple fibres a year by the end of 1965. Local production of yarns and fibres will result in an annual saving of £lm in overseas exchange. The New Zealand company’s parent organisation is Fibremakers, Ltd., Australia, which is jointly owned by British Nylon Spinners. Ltd. and 1.C.1.A.N.Z., Ltd. B.N.S. is jointly owned by 1.C.1., Ltd. and Courtaulds, Ltd., and is one of the three largest nylon producers ni woeht nylon producers in the world.