Anzon’s Sasi plan dropped

Press, 18 February 1989, Page 21

Anzon’s Sasi plan dropped

The Sasi Group, of Pakistan, will not become part of Anzon Investments, the chairman of the Auckland-based company, Mr D. M. Rouse, told the Stock Exchange yesterday. This was because of the death of Mr Ashroff Shroff, one of the directors of Sasi, and one of three brothers in the diversified printing, property, and fast food group which was controlled by the Shroffs. Anzon would be continuing with its restructuring programme, which includes acquisitions in Australia and New Zealand, and later in Hawaii and California, Mr Rouse said. It was also intended to form a new board of directors. Sasi was meant to take a controlling interest in

Anzon Under a scheme of arrangement sanctioned by the High Court. The scheme allowed Anzon to become 'a' debt-free investment company. Under the scheme, small shareholders (up to $11,000) received 15c in the dollar of debt owed, and unsecured creditors about 6c and a fully paid 10c share for every $3 of debt.

Anzon reported a $20.9 million loss in the year ended July 31, 1987, and after the balance date it incurred a further $25.4M loss on the drop in value of its share portfolio because of the sharemarket crash. When the annual report was released in February, 1988, it showed total losses of $74.5M, leaving a shortfall of $19.8M in shareholders’ funds.