Just few days after the Wellington High Court granted stay to the sale of Wool Services International (WSI) to Cavalier, Christchurch-based Wool Equities Ltd has announced that it has secured enough funds to put an offer to purchase WSI's wool scouring operation.
Cliff Heath, Chairman of Wool Equities said that the company will soon announce further details about how wool growers can claim for an ownership stake. He added that farmers must own key wool operations like WSI, and Wool Equities will be helping them to make it happen.
Earlier, in response to an appeal filed by Godfrey Hirst, New Zealand's largest carpet producer, the High Court granted stay on the sale of WSI to Cavalier Wool Holdings until a decision is arrived at on the appeal, the hearing for which is slated for August 22.
Fibre2fashion News Desk - India
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