Diversification For Waitaki

Press, Volume CIX, Issue 32077, 27 August 1969, Page 16

Diversification For Waitaki

(N.Z. Pros Association) OAMARU, August 26. Its take-over at Tekau Knitwear, Ltd. would be looked at by Waitaki Farmers’ Freezing Company, Ltd, as an investment and a diversification of interests, said Waitaki’s chairman (Mr D. Malcolm) yesterday. It would enable Waitaki to make better use of its liquid capital resources, he said. Asked why Waitaki was apparently abandoning its attempts to acquire a financial interest in companies within the freezing industry, Mr Malcolm said such propositions were difficult at this stage. Waitaki would continue to increase its shareholdings in companies outside the freezing industry, a practice which had been followed in the past. Motor Holds Optimistic (N.Z. Press Association) AUCKLAND, Aug. 25. The improved trend experienced by Motor Holdings, Ltd, Auckland, in the second half of the last year, has continued into the current year, the chairman (Mr J. N. Turner) told shareholders at the annual meeting today. Provided this was contained it would bring a further satisfactory increase in profit He said that British cars still had a tariff advantage of 38f per cent whereas the British and New Zealand Governments had agreed on a 10 per cent preference. The recovery of Ward Hill, the industrial and heavy machinery subsidiary which had been the main problem in the group, was now in Sight. A steady recovery in the motor components subsidiary had begun after changes made in this company.