Jobs saved

Press, 6 September 1989, Page 44

Jobs saved

A new company has been formed to take over the financially-troubled Napier company, Pacific Spinners. The take-over will save the jobs of about 20 people, most of them made redundant last month. The new company, yet to be named, comprises some former employees and proposes to continue the processing of wool and other fibres from their raw. state to finished yarn.

Bond spared

Hong Kong-listed Bond Corporation International, Ltd, (BCIL), said a share placement announced by its Compania de Telefonos de Chile S.A. (CTC) unit would not require any cash contribution from the parent company. BCIL, two-thirds held by Perth-based Bond Corporaton Holdings, holds more than 52% of CTC’s fully-paid A and B shares. The proposed issue would help reduce BCIL’s stake to below 45%, BCIL’s managing director, Mr Peter Lucas, said.

Burgess well

The Burgess-1 exploration well being drilled near Cape Egmont in PPL38702 onshore Taranaki was drilling ahead at 7 a.m. yesterday at a depth of 1668 m. The operator is Petrol, R-’ ■> Ne’

.etroleum Resources, a New Zealand Oil and Gas subsidiary. Licencees in the area are: Arco Petroleum New Zealand Inc 29.666 per cent, Petroleum Resources (NZOG) 28.1834, Australia and NZ Petroleum 13.35, Home Oil Company 13.35, Minister of Energy 11, Home Energy (NZ) 4.45.