National Mutual has 20 per cent of Carter Holt

Press, 10 February 1986, Page 34

National Mutual has 20 per cent of Carter Holt

PA Wellington National Mutual’s largest share investment in New Zealand is a 20 per cent holding in Carter Holt Harvey, Ltd.

The life insurance group’s annual report for New Zealand says its holding in Carter Holt was reduced from 24 per cent, following Carter Holt’s acquisition of Alex Harvey Industries. But the over-all market value of National Mutual’s investment jumped from under S6OM last year to about SIOOM at its September 30 balance date. To finance the Carter Holt-Alex Harvey takeover — the largest takeover in New Zealand — Carter Holt issued additional shares to raise S2OOM over the following 12 months.

“Reflecting confidence

in the continued longterm growth of the company, National Mutual has undertaken to subscribe for S4OM of these shares,” the annual report says. National Mutual forged its major association with Carter Holt in 1980 when it bought a parcel of shares, representing 17 per cent of its capital, for SI2M.

In the report’s section on share investment, National Mutual says its net purchases of shares (after sales) exceeded S2IM over the year which compared closely with the previous year’s figure.

After the removal of foreign exchange restrictions and, in view of the New Zealand dollar’s rise particularly against the Australian dollar, selected overseas share investment was undertaken.