Bellamy's Australia under pressure
The infant formula and baby food business has come under scrutiny over concerns about its business in China.
Under-scrutiny infant formula manufacturer Bellamy's Australia replaced its chief executive Laura McBain today (11 January), while forecasting a steep decline in annual profits.
Infant formula maker Bellamy's Australia has declined to comment on reports that its chairman, Rob Woolley, could quit if moves by the company's largest single shareholder for a boardroom shake-up succeed.
The largest single shareholder of Bellamy's Australia, the Black Prince Private Foundation, has said it wants to replace four of the company's non-executive directors with its own candidates, after trading in the infant formula maker's shares were voluntarily suspended following problems with exports to China.
Infant formula producers A2 Milk Co. and Bega Cheese have sought to play down market concerns after infant formula peer Bellamy's Australia requested the trading halt on its shares be extended until it determines the impact talks with "key supplier/manufacturers" will have on its financial results.
Infant formula maker Bellamy's Australia has requested the trading halt on its shares to be extended until it determines the impact talks with "key supplier/manufacturers" will have on its financial results.
Bellamy's Australia has had its request for its shares to be suspended as the infant formula and baby food group prepares an announcement on how it is trading.
Infant formula maker Bellamy's Australia has requested the Australian Securities and Exchange commission halt trading of its shares pending the release of "an announcement".
Shares in infant formula supplier Bellamy's Australia slid on Friday after the company admitted recent regulatory changes in China were affecting its sales.
Bellamy's Australia, the infant formula producer, has booked a leap in annual sales and earnings on growth in China, as well as domestic expansion.
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