Offer for Aw
PA Auckland Hong Kong newspaper publisher and investor, Miss Sally Aw Sian, yesterday offered to buy out the 33 per cent of troubled Aw New Zealand Ltd she does not control. “I don’t see very good future for the company,” so it is only fair that I should protect shareholders rather than drag them down further,” Miss Aw, chairman of the company, said. She is offering to pay 25c a share for 5 million publiclyheld shares through Asco Investments. Those shares have net asset backing of 17.3 c, and have been trading at 20c,
down from a 1987 high of 190c’. The company, floated near the peak of the sharemarket boom in 1986, has been decimated by its development of the 10-story Karangahape Festival Plaza building in Auckland, Aw New Zealand wrote down its building project by $7.3M in its year ended March 31, resulting in a bot-tom-line $3.1 million loss for the year. Yesterday the company reported a six-month total loss ended September 30 of $l.B million ($388,000 profit in the previous corresponding period).
Aw New Zealand Investments unaudited result for six months ended September 30. 1989 1988 ($000) ($000) Gross income 653 547 Pre-tax result (495) 434 Taxation moJ? 3RR Trading result <495) 388 Equity loss <}2so) Total result < 1753 > 388
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Bibliographic details
Press, 30 November 1989, Page 33
Word Count
216Offer for Aw Press, 30 November 1989, Page 33
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