A Chinese investor has purchased a stake in Curtain and blind manufacturer Kresta Holdings in a deal with the company’s largest shareholder.
The West Australian reports that the deal, which was worth $7 million and was just under the takeover threshold, saw Fund manager Hunter Hall sell most of its 22 per cent stake in the Malaga-based company.
The buyer was Xiaoyang Lu who is involved in manufacturing and it is not thought to have takeover ambitions with regard to Kresta. He bought the stake at 23 cents a share.
Kresta’s board is believed to have supported the deal which effectively marks the end of Hunter Hall’s 16 year involvement with Kresta.
The company has seen a restructure in recent years. Earlier this year, Kresta sold over $6 million in factories.