Climax looks to raise funds

Stationery maker Climax International said last night it was considering methods of fund raising that included a third party making a potential investment in a subsidiary. It denied reports majority shareholder United Pacific Industries would further raise its 29.3 per cent stake in the company. Climax and United Pacific cited an agreement reached between United Pacific and the Fung family, Climax's substantial shareholder, on October 3 last year, which did not allow the two parties to increase or decrease their stake in Climax without prior consent. United Pacific said it had no plans to buy a controlling stake in Climax.