Tag re-organises
PA Wellington Tag Corporation, Ltd, reports that an associate company had been re-organised in recent months and the effect should improve Tag’s profits. The company involved is Boustead International (NZ), Ltd, in which Tag has a 50 per cent joint interest with a listed Singaporean company, Bousteadco Singapore, Ltd. Tag, a diversified company previously known as Spedding Consolidated, Ltd, said in a statement that “the re-organisation has culminated in the sale of Boustead’s food manufacturing and importing operation on July 1 on favourable terms and conditions. “The activities of Bou-
stead have in the past had a detrimental effect on Tag’s profitability. The sale of Boustead’s food operation will have a positive effect on Tag’s future profitability.” The sale leaves the Boustead New Zealand joint venture company intact. “Tag has a close and amicable relationship with its Singaporean partner,” said the chairman, Mr Peter Wise, “and discussions later this year are likely to result in the company embarking on new spheres of activity.” Boustead has widespread businesses in Asia, the Pacific Basin and Europe. These activities include commodity broking, transport services, general trading and engineering.
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Press, 4 July 1985, Page 28
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187Tag re-organises Press, 4 July 1985, Page 28
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