F&P Appliances is talking up the appointment of two senior Haier Group executives to its board as the Chinese appliance maker takes a 20% stake in the kiwi company.

Zhou Yunjie and Tan Lixia will join the F&P Appliances board and will be available to meet shareholders at the annual shareholders' meeting in Auckland on August 17.

“We are delighted two such senior Haier executives will join the board," F&P Appliances chairman Gary Paykel said this morning.

Fisher & Paykel Appliances rights are trading at about 30c each on the NZX so far, in line with the company’s share price, which is sitting around 70c.

On the morning of the second day of rights issue trading on the NZX, there have been 34 trades so far with a total value of just under $180,000.

The one for one issue to existing shareholders at 41c a share will raise $143 million for the troubled whiteware manufacturer.

Investors who buy the rights at current prices then exercise them will end up spending about 70c per share.

After two months of due diligence Fisher & Paykel Appliances chief executive John Bongard is convinced Chinese company Haier is the right cornerstone shareholder for the company.

There were other potential investors, he said, but Haier provides the “best total solution” for the Kiwi whiteware manufacturer in the short, medium and long term.

Chinese company Haier will take a 20% cornerstone shareholding in Fisher & Paykel Appliances products as part of a dramatic restructure announced today.

After posting an annual loss of $95.2 million, F&P Appliances confirmed Chinese company Haier will take a 20% stake worth up to $82.2 million and announced plans for a $143 million rights issue from investors.

The equity raising, flagged in a shock trading update in February, is hoped to reduce debt by approximately $306 million.