Brendan Lindsay, the man who sold plastics container business Sistema last year for $660 million, has taken a stake in listed tap and showerware company Methven. Lindsay's trust, in a notice to the NZX, said it had bought a 13.37 per cent stake which, at today's price, would be worth $10.7m. The trust acquired about 9.82 million shares in a series of on-market purchases on April 27 and May 18. Lindsay, who sold Sistema to US Fortune 500 company Newell Brands last December, was not immediately available for comment on the purchase. At the release of its first half result in March, Methven said its net profit came to $3.2m, a decrease of 21.3 per cent on the same period a year earlier.

Source: New Zealand Herald May 23, 2017 00:00 UTC