Sistema founder Lindsay takes a stake in listed shell company CSM

Sistema founder and multi-millionaire Brendan Lindsay last week paid $250,000 for a 12 per cent stake in the listed shell company, CSM Group.

CSM was listed on the now-defunct junior board, the NZAX, before moving to the exchange's main board in July.

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In its last annual report for the year to June, the former scrap metal company announced a $1.3m loss.

CSM is a listed shell that was "looking for suitable investments", according to the company's website.

The stake was bought through Lindsay's 's investment vehicle - Lindsay Investment Trust - the same entity that took a 19.9 per cent stake in tap maker Methven before it was taken over by Australia-based GWA for $118m last year.

The NZX notice said the seller of the CSM stake was Fengli Group (Hongkong) Co.

Lindsay sold the plastics manufacturer Sistema to US consumer goods conglomerate Newell Brands in 2016.

Since then, his other investments have included Cambridge Stud, which he bought in late 2017, and a 50 per cent stake in honey business Coast to Coast Bees.