NZ’s Synlait Milk to raise NZ$120 mln in IPO

Reuters 24 June 2013
(Reuters) – New Zealand dairy company Synlait Milk Ltd plans to raise a total of NZ$120 million ($92.79 million) in an initial public offering and share sell-down, ending the majority stake held China’s Bright Dairy.
The milk powder processor owned by Shanghai-based Bright, Japan’s Mitsui & Co. and Synlait Ltd, a private local company, said it was seeking to raise NZ$75 million in fresh capital. Mitsui and Synlait Ltd will offer a further NZ$45 million to pay down debts and expand operations.
Bright, which has held a 51 percent stake in the firm since 2010, will not take part in the sell down, Synlait Milk said in a statement. It added that a dilution in Bright’s shareholding would lower its stake to around 40 percent of the company.
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