Changes at Rickstan
: PA Wellington * The 39.6 per cent of Rick(stan Holdings. Ltd. which the (New Zealand Stock Exchange (Association reported had been sold, has been acquired! by Gulf Asia Pacific, Ltd, of! Hong Kong and Western! , Asset Management Company.* ( Ltd. of Auckland. i The precise proportion is! ( not presently known. • Consequent on these transactions three directors, 'Messrs E. J. Goodwin, B. R. 1 (Sellar and A. T. Parlane have resigned. ’[ Mr J. S. Alexander will i (continue as chairman of the (board and Mr B. E. Sand- : brook, managing director of ■'Gulf Asia Pacific. Ltd, Hong Kong, has been appointed as ; managing director. Mr E. F. Sellar has resigned as managing director, but continues ■ as a director and advisor. As a result of these share transfers additional working . capital and new management resources will be made availI able to the Rickstan group. ’ The introduction of the new shareholders as a trading partner is expected to strengthen the Rickstan group because of their associates involvement in conIsortium building and town (development projects mainly in the Middle East. I Ulis connection should injerease Rickstan’s ability to 'market their kitchen and (bathroom fittings as well as (marbelustre synthetic marble (products in this region.
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Press, 28 June 1977, Page 21
Word Count
201Changes at Rickstan Press, 28 June 1977, Page 21
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