P.S.I.S. funds released
PA Wellington More frozen funds will be released on July 24 in the first of two big moves announced by the Public Service • Investment Society’s statutory manager (Mr R. W- Stannard) yesterday.. ■" • The society was also to merge- its -computer operations with a new jointventure company, he said. Mr Stannard sard the 10 per cent to be released next week brought to 85 per cent the funds unfrozen since the society was put under statutory management last year. “Rationalisation” of the P.SJ.S. computer set up was urgently needed. This would now be achieved through a pooling of . resources with a highly successful firm of computer software specialists, said Mr Stannard. The society will take a 51 per cent share in a company called Data Networks, Ltd. Progeni, of Lower Hutt, will be the other shareholder. The P.S.I.S. and Progeni will each lease their computer equipment to the new company which will process the work of both.
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Press, 17 July 1980, Page 1
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159P.S.I.S. funds released Press, 17 July 1980, Page 1
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