Richina awaits leather business offer

The Commerce Commission today approved and application from animal skin processor Lowe Corporation to acquire Colyer Mair, which Richina says opens up the possibility of a sale.

Although Richina has entered into a confidentiality agreement with Lowe, it says until an offer has been made and accepted, there is no sale in the offing.

"Some limited information has been exchanged, but due diligence has not been undertaken," the company says.

"If this develops into an offer which the directors of Richina Pacific believe is advantageous to all shareholders, shareholders and the market will be informed."

Colyer Mair is an Auckland-based semi processor of leather with processing facilities in Auckland, Napier, Wanganui, New Plymouth, Levin, Christchurch and Dunedin.

It processes around 20% of the skins and hides from New Zealand's sheep and cattle kill and exports semi-processed leather.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.