BID FOR RALTA

Press, Volume CIX, Issue 31982, 8 May 1969, Page 18

BID FOR RALTA

Now Owned In N.Z. The desire to operate “without the encumbrance of overseas exchange regulations” hae lead a group headed by Mr Allan B. Loelde, managing director of Raita, Ltd, New Zealand, to make an offer for the purchase of the company, now a wholly-owned subsidiary of Raita Holdings, Ltd, of Australia. Mr Lockie has announced in Melbourne that the directors of the Australian parent company have accepted the offer, which.was for 76 per cent of the stock of the New Zealand company, the Press Association says. “The offer was made to enable Raita, New Zealand, to operate without the encumbranch of overseas exchange regulations,” Mr Lockie said. “It will also improve the liquidity .position of Raita, The two companies would continue to maintain a close working association. BEGAN IN 1954 Balta began business in 1954 as a private company in Wellington making electric blankets. In 1961, after three years of exporting blankets to Australia, it was decided to open a plant In Victoria. The assets of both operations were consolidated, and the shareholding was transferred to a newly-formed holding company in 1965. There was further expansion in 1967, when a public issue of 700,000 50c shares wat made in Australia, bringing the group’s paid up capital to $1 million.