Briefs

Press, 3 February 1987, Page 19

Briefs

Ceramco sale Ceramco Investments, Ltd, has sold its subsidiary, Construction Supplies, Ltd, to James Hardie Industries, Ltd. The company has advised the Stock Exchange that the purchase includes the vitreous china division of McSkimming Industries, Ltd. The Overseas Investment Commission has given its consent. S4OM in loans More than $4O million in plastic card loans were authorised by National Mutual Finance, Ltd, in the first four months operation of its "Freedom” card, the company says. In the four months from June to September — coinciding with the pre-GST spending splurge by consumers — almost half of the 3000 people who had applied for the card had borrowed on it. The card offers unsecured loans of up to $20,000. Tariki-2 depth The Tariki-2 well reached a depth of 2772 metres by 6 a.m. yesterday and drilling was continuing, Petrocorp said. It is located two kilometres north-east of Tariki-1. It is an appraisal well designed to determine the extent of the Tariki gas condensate field discovered by Tar-iki-lA in June, 1986.

Bank activity The Reserve Bank increased liquidity by $63 million yesterday. It bought Government stock maturing on February 3 worth SI3M with rates ranging from 21.5 per cent to 21.55 per cent. The balance consisted of a sellback worth SSOM maturing on February 17 with rates ranging from 24.55 to 24.90. Service group Needham Purdy and Partners, Ltd, plans to merge its bloodstock insurance division with the businesses of InterIsland Horse Transport, Ltd, and Raceway Standardbreds, Ltd, into a company named NZ Bloodstock Services, Ltd. The new company aims to provide the harness racing industry with an independent service group. INL clearance The Commerce Commission has given Independent Newspapers, Ltd, clearance to acquire 30 per cent of CCL Group, Ltd. The commission also says it has approved a merger proposal that Custodian Enterprises No. 22, Ltd, may acquire up to 51 per cent of Kaurex Corp, Ltd.