By DITA DE BONI
Insurance broker, financial services and electrical componentry company Tag Pacific says it has "entered a new era" and will focus future investments on technology.
At the dual-listed company's annual meeting in Sydney yesterday, chairman Peter Wise outlined how Tag would continue to increase investment activities and described the two latest forays into internet-based services undertaken since announcing a balance-date loss of $A691,000 ($852,000) for the year to June.
The year end losses were not addressed by Mr Wise except for reference to Tag emerging from "the twilight zone" to refocus on investing in new technologies.
The company had acquired a new 15 per cent shareholder, Allco Finance Group, which had helped drive the new investment direction, he said.
Tag acquired 13 per cent of Australia's leading online music site ChaosMusic and the float of that company was underway by way of a book-build, garnering a weighted average price of $1.43 after Tag's entry price of 65c.
The second investment had been through a merger between SWi Holdings - in which Tag holds 13 per cent - and international health information services company IBA.
Mr Wise said the $A6 million indirect investment in IBA - which has just put its software online - would return "handsome gains" to Tag.
He also said the company's interior products sales across both Australia and New Zealand were up 20 per cent and New Zealand sales in the power electronic sector were a little better "after some difficult times in the past".
Tag Pacific shares closed down 3c at 55c.
Tag tips new era in high-technology
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