New Zealand-based Richina Pacific has delayed its US$10.4 million one-for-one rights issue so it can include its latest audit results in the proposal.

Richina needs to raise capital by mid March to fund its fast growing Shanghai leather division. The money is needed to buy hides and skins to be converted into leather and sold during the June-July peak season. Shares will be available to investors at US$14.5 cents

Over the next three years, Richina plans to invest some US$13 million in its leather manufacturing capacity and hopes to expand it by 68% to 11 million square feet.

The investment group decided to delay the issue on discovering that the interim results would be ready by mid February. Chinese officials have already started to audit Richina Pacific’s Shanghai leather operations.

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