Atlas buys 35p.c. interest in Bell

Press, 7 December 1976, Page 30

Atlas buys 35p.c. interest in Bell

PA Auckland i Atlas Majestic Industries, I Ltd, has acquired a 35 per ; cent interest in Bell Radio- ; Television Holdings, Ltd. i Atlas bought the shares [for cash from a group of ! major shareholders.

The purchase-price was I not disclosed, but a 35 per cent interest represents about 300,000 Bell shares worth §885,000 at the last I sale-price of 295 c a share. Atlas and Bell jointly-own Consolidated Electronic Industries, Ltd, which makes television sets, radios, and; sound equipment for the two. companies.

The purpose of the closer ties between Atlas and Beil is to develop C.E.I. more effectively by the closer coordination of domestic, and export marketing strategy for the products now produced or to be manufactured under licence.

I More rationalisation and specialisation in some other' areas of common interest would also be possible, to improve the productivity of both companies.

The directors of the two companies "welcome the move and are satisfied it will prove to be in the best interests of all their shareholders.” The chairman of Atlas (Mr C. A. Pearson) will join the board of Bell, which otherwise will remain unchanged. The major Bell shareholders who sold to Atlas are not named. However, it; 'is understood that the sell-: ers were Messrs W . H.i Green, of Masterton, and A. G. Hall, formerly also of Masterton, but now living in Auckland. Messrs Green and Hall, who have extensive interests in the electronics and home appliance industries, bought into Bell in 1972, acquiring a stake believed to be at least 25 per cent at that time. They took an active interest in managing the company. They own half of Simpson Pope Industries, Ltd (formerly called E.M.I. Industries and before thati

known as the N. R. Cun ningham group), whicl makes appliances at Mastei ton.

Bell Radio-Television in creased group net profit, ex eluding equity profits, in th six months to September 3' $6OOO to $284,000, the direors say in the half-yearly re port.

The unchanged interim dividend of 7 per cent is payable on December 21, ex December 10.