Cash injection for Mt Cook
Mount Cook Group. Ltd. of ' hristchurch. will sell its one-third shareholding in Travelodge N.Z.. Ltd. to the other two shareholders. Rothmans Industries. Ltd. and Southern Pacific Hotel Corporation of Australia. Southern Pacific Hotel Corporation, which is controlled by Asian interests, holds the management contract for the network of six Travelodge hotels in Auckland. Napier. Rotorua, Wellington, Christchurch, and Queenstown. SPHC will continue to manage these hotels, and the new Park Royal in Wellington.
The transaction is subject to the normal statutory approvals. The price received byMount cook was not dis-closed-the shareholding was
valued in the company's books at $3 million at May 31 last year. "The shareholding was purely an investment for us." said Mount Cook's managing director (Mr P. S. Phillips) yesterday. "Rather than have our investment managed by other people we believe that we can usefully employ the funds within our own operations." Mount Cook has extensive programmes for upgrading its ski-fields at Coronet Peak, and recently announced a 52.3 M investment programme for its Freightline division. A new Piper Chieftain aircraft will provide additional service to the HS74B aircraft flying the Rotorua-Auckland-Bay of Island route.
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Press, 11 June 1982, Page 12
Word Count
193Cash injection for Mt Cook Press, 11 June 1982, Page 12
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