Tuesday, 10 December 2019 07:55

Cheap Beingmate shares still on the market

Written by  Staff Reporters
Fonterra chief executive Miles Hurrell. Fonterra chief executive Miles Hurrell.

Fonterra has managed to sell only 1% of its stake in the troubled Chinese company Beingmate.

Chief executive Miles Hurrell says the co-op will continue to offer the shares on the Shenzhen Stock Exchange market.

Under the sharemarket rules it is only possible to sell up to 1% cent every 90 days directly on the exchange, or sell up to 2% in a single block every 90 days. 

Trades greater than 5% can be made to an individual party in an off-market transaction.

Hurrell says the co-op is also willing to sell a larger stake off market to any interested party.

Fonterra paid $750 million for its 18.8% shareholding in March 2015, in a bid to gain access to Chinese consumers for its infant formula.

Last year Fonterra wrote down the investment by $439m which helped lead to its first ever annual loss of $196m.

Hurrell says apart from Beingmate, the co-op is reviewing its China Farms and Brazilian joint venture with Nestle.

He expects a decision on both these investments this financial year.

More like this

Fonterra posts solid results

Fonterra has delivered a solid half-year result, thanks to higher margins and sales volumes across the co-op's diversified product and category mix.

Featured

Sheep drench resistance costly

Analysis by Dunedin-based Techion New Zealand shows the cost of undetected drench resistance in sheep has exploded to an estimated $98 million a year.

Dairy sheep and goat turmoil

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand for their products.

Hurry up and slow down!

OPINION: We have good friends from way back who had lived in one of our major cities for many years.

National

Govt urged to reduce ETS units

The Climate Change Commission wants the new Government to reduce NZ Emissions Trading Scheme (ETS) auction volumes as son as…

Dairy sheep, goat woes mount

Dairy sheep and goat farmers are being told to reduce milk supply as processors face a slump in global demand…

Machinery & Products

All-terrain fert spreading mode

Effluent specialists the Samson Group have developed a new double unloading system to help optimise uphill and downhill organic fertiliser…

Can-Am showcases range

Based on industry data collected by the Motor Industry Association, Can-Am is the number one side-by-side manufacturer in New Zealand.

» Latest Print Issues Online

Milking It

Papal visit

OPINION: European farmers are going to extreme lengths to have their message heard.

Thai egg tarts

OPINION: The hustle and bustle of one of Bangkok's most popular fast food outlets may feel a world away from…

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter