Scales Corporation Limited advises the sale by China Resources Enterprise Limited of their 14.83% stake in Scales. The sale, facilitated by Craigs Investment Partners, was to a number of New Zealand and Australian institutional and retail investors.
Scales' Managing Director Andy Borland commented "China Resources has been a supportive shareholder over the past eight years and has provided good insight into the China market for Mr Apple, as well as a positive contribution to Scales' Board. They have had a change in strategic direction recently which has led to the sale of their stake. We wish them all the best for the future."
"The sale is a good result for all parties involved and it is particularly pleasing to see the strong support for the company from the investor community". As a result of the sale, Director Qi Xin resigns from the Board.
For more information:
Andy Borland
Scales
Tel: +64 21 975999
Email: [email protected]
www.scalescorporation.co.nz