Founder of Methven's Chinese manufacturing division sells entire stake as lock up ends

Tue, 12 Jul 2016

By Edwin Mitson July 12 (BusinessDesk) - The founder and director of NZX-listed Methven's Chinese manufacturing division has sold his entire stake in the company for $5 million. Auckland-based Methven bought Hui Zhang's Invention Sanitary for up to $10 million in cash and scrip in a sale that completed at the start of July 2014. The Chinese company was set up to exclusively supply Methven in 2002 by Zhang and Methven exercised its right to buy the business because Zhang wanted to retire. It was renamed Heshan Methven and as part of the p...

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