Freedom Nutritional Products, the Australian functional food firm, has sold A$5m (US$4.7m) on shares to investment group Telunapa.
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The tranche of shares represents an 18% stake in Freedom Nutritional Products and the company said the deal would help it boost its presence at home and abroad.
“The funds raised will strengthen the company’s balance sheet and provide for the acceleration of current initiatives including capital expenditure for organic growth in its Freedom Foods business and development of the A2 dairy products business,” FNP said.
Telunapa is linked to Australian entrepreneur Terry Morris, who is MD of local property developer-to-manufacturing group Morris International.
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