Australian meat, seafood and dairy business Beston Global Food Co. is set to list on the Australian Stock Exchange on Friday (28 August) as part of plans to invest in more food companies, with an eye on serving demand in Asia.
BGFC chairman Dr Roger Sexton told local reporters the IPO had been completed successfully despite “significant headwinds” including the Greek financial crisis, the China stock market meltdown and negative sentiment about the performance of the Australian economy. He also said the offering had gained support from Asian institutional investors as well as retail investors in Australia.
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In its IPO prospectus, BGFC said it “proposes to invest in businesses and assets in Australia and globally that are manufacturing and marketing highly sought after food and beverage commodities to growing populations, particularly in Asia”.
BGFC’s assets already include a 26.5% indirect interest in organic dairy firm Paris Creek and a 36% indirect interest in seafood manufacturer Ferguson Australia.
The funds raised from the IPO will be used to expand its dairy and seafood businesses and set up two other divisions in health food and meat, including acquiring stakes in Australia-based food R&D company Neptune Bio-Innovations Holdings and Australian meat processor Scorpio Foods.
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