Home / Knowledge / News / Textiles / Tussle for controlling stake in NZ's WSI to end soon
Tussle for controlling stake in NZ's WSI to end soon
Feb '12
The ongoing tussle for gaining a controlling stake in New Zealand Wool Services International (WSI) could end by June this year.

The 64 percent stake in WSI is on the market owing to failure of Plum Duff, late Allan Hubbard's company, and an associated company Woolpak, which held the major share between them.

The stake is currently in the hands of receivers Malcom Hollis and Maurice Noone of Pricewaterhouse Coopers.

In their latest six-monthly report, the receivers have informed that a sale process is on and discussions with negotiating parties are continuing. They expect to reach some type of settlement before the next reporting period in mid-June this year.

Even in their previous report, the receivers had shown a similar optimism that they would be able to complete the sale process by next reporting period in mid-January this year.

WSI board and Cavalier Wool Holdings are presently in the race to acquire the 64 percent stake, after the exit of Wool Co. last year.

Wool Co., started as a joint venture between Christchurch investment bank Ocean Partners and Wool Equities representing 9500 farmer shareholders, failed in its effort to raise Au$ 40 million needed to acquire the 64 percent stake in WSI.

The Board of WSI is planning to raise capital on its own to purchase the 64 percent of its shares held by receivers, and is currently seeking an underwriter for the process.

Last year, Cavalier Wool Holdings won permission from Commerce Commission, which was later upheld by a Court, to buy the scouring assets of WSI, and thus, gain a monopoly over New Zealand's wool scouring industry.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Textiles | On 27th Feb 2017

Textile industry can boost South African economy: Minister

The textile industry is one of the most strategic platforms through...

Textiles | On 27th Feb 2017

KBR bags LBED revamp contract for LG Chem's ethylene plant

KBR, Inc has bagged a technology licensing and basic engineering...

Interviews View All

Rashi Menda

Every fifth sale we make on Zapyle is a repeat purchase

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search