Shareholders in Australian dairy co-operative Murray Goulburn have voted in favour of the company listing on the Australian Stock Exchange.
Murray Goulburn's farmer-members backed plans to create a new capital structure for the business, which will see a unit trust floated in Australia.
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Murray Goulburn chairman Philip Tracy said the vote takes the company a "critical step closer" to achieving its goal of raising A$500m (US$395m) to fund capital investments to enable the delivery of "sustainably higher farmgate returns".
Gary Helou, Murray Goulburn's managing director, said the A$500m would be invested in the company's "strategic shift towards premium value-add dairy foods", a move that, he insisted, would "reduce MG’s exposure to the volatility of the dairy commodity price cycle".
He added: "Global demand for dairy foods continues to grow, particularly in Asia. All global dairy companies are racing to capture a share of these growth opportunities and in this context, MG does not have a moment to waste. We will invest the new capital we ultimately raise, in world’s leading manufacturing capability and market reach, to ensure we are well placed to meet and serve the growing needs of dairy customers and consumers in Australia and internationally for premium, quality, Australian made dairy foods."
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