Wormaid Pacific buys security firm
PA Auckland Wormaid Pacific, Ltd, 42.3 per cent owned by Wormaid International NZ, Ltd, has announced the acquisition of one of South East Asia’s largest security organisations and a near sevenfold increase in tax-paid profit to SHK74 million (SNZI6.3 million) for the year ended December 31. Wormaid Pacific acquired Guardforce from Oroton Investments, Ltd, a
subsidiary of Hong Kong Shanghai bank and a number of minority shareholders for SHK4B million ($NZ10.59 million). The chairman, Mr Lee Ming Tee, said this acquisition was the first significant step in the development of the company’s core business activity in Hong Kong which would be the basis for a recurring income stream to complement the company’s enterpreneurial activities.
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Press, 21 May 1987, Page 23
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119Wormaid Pacific buys security firm Press, 21 May 1987, Page 23
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