Equiticorp taking 50%

Press, 4 July 1985, Page 28

Equiticorp taking 50%

Equiticorp Holdings, Ltd, is increasing its shareholding to a level of 50 per cent in Feltex, N.Z, Ltd, through a series of on and off market transactions. The purchase of additional shares to date has been at an average cost of $2.72 an ordinary share. The total outlay by Equiticorp will be in the order of $23 million. Equiticorp purchased its initial 40 per cent shareholding in the period to March this year. Since then the board of Feltex has changed to reflect the new

shareholding. Mr Peter Stanes was appointed managing director following the retirement of Mr Harold Titter. Mr Allan Hawkins, chairman of Equiticorp, said his company was extremely pleased with the Feltex investment. The company was performing ahead of Equiticorp’s expectations. Feltex had begun a programme to ensure that the company was competitive in export markets without incentives. This competitiveness was being reflected in the substantial increases

in exports — 40 per cent in the first half of the current financial year. , Mr Lloyd Brown, chairman of Feltex New Zealand, Ltd, said the Feltex board has welcomed the involvement of Equiticorp. Changes have led to Feltex emerging as a leaner, more efficient and aggressive organisation. Feltex will continue to expand both in New Zealand and Australia, with particular emphasis on its present activities as well as on a greater involvement in manufacturing, he said.