Chinese Haier Cuts Deal With Fisher & Paykel

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Chinese appliance company Haier will take 20 percent in Fisher & Paykel Appliances who two days ago suspended trading in their shares.The Company was also facing a majorcash shortage.

Chinese appliance company Haier will take 20 percent in Fisher & Paykel Appliances who two days ago suspended trading in their shares.

Haier will buy into Fisher & Paykel with a $46 million stake with a top-up placement of up to $12m to ensure a 20 percent shareholding, it was announced to the New Zealand stock exchange this morning.

Fisher & Paykel, which also announced a loss of $95m, 257 percent down on last year, is trying to raise at least $189m.

The move was widely tipped yesterday.

F&P was on Monday granted a trading halt on its shares, with it saying capital management initiatives “in their totality” were incomplete and it was not yet in a position to announce them.

The appliance manufacturer’s debt swelled to $570m as it financed a shift of manufacturing to lower-cost countries and because a lower New Zealand dollar increased the size of foreign debt.

In March, F&P brokered a deal with its banks to take up an $80m loan facility which is due to be refinanced by Friday. The company’s shares last traded at 66c.

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