Chase may sell Farmers
PA Auckland Property and investment company Chase Corporation, Ltd, said it may sell whollyowned retail firm Farmers Trading Company. “We are considering selling,” deputy chairman Peter Francis said. “We want to reduce our debt load.” Asked if sale would be in addition to disposal of other assets such as Australian photographic equipment company Hanimex Corp Ltd, he said, “It depends on property sales.”
This month Mr Francis expressed concern at slow progress on sale of Hanimex and an Auckland building.
Robt Jones Investments, Ltd, said on June 7 its $145 million purchase of an Auckland property from Chase would not proceed as planned because of concern about a design aspect and leasing arrangements. But it added it was still keen to buy.
Mr Francis said he recently met Robt Jones officials and described the meeting as fruitful. He declined to say with whom Chase was discussing Farmers, which has valuable property sites in Auckland and other cities.
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Press, 24 June 1989, Page 28
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161Chase may sell Farmers Press, 24 June 1989, Page 28
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