Wellard Limited
(ASX:WLD) has announced its largest shareholder WGH Holdings, controlled by Wellard CEO Mr Mauro Balzarni will transfer 66.32 million shares to Chinese textile company Fulida Group Holdings.
The deal is subject to a refinancing agreement WGH Holdings has undertaken.
On completion of the transaction Fulida Group will become Wellard’s second largest shareholder, with a 16.58 percent shareholding.
WGH will remain Wellard’s largest shareholder with 80 million shares representing a 20 percent stake.
Wellard Limited reported a net loss of $23.3 million at 30 June 2016.
