11 Apr 2012

$2m paid for slice of Ecoya

12:42 pm on 11 April 2012

Two institutional investors are paying $2 million for a 3.6% slice of the fragrance, candle and skincare company, Ecoya.

The company will issue $1.7 million of shares to Pie Funds of Auckland, an investment manager, and another $300,000 worth of shares to Milford Asset Management.

Ecoya's chief executive Geoff Ross says the capital injection gives the company a greater ability to push both the Ecoya and Trilogy brands this year, and it will initially use the funds to reduce debt.

Shares in Ecoya are unchanged at 93 cents on Wednesday.