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Synlait to Take Milk Processing Public

12 November 2009

NEW ZEALAND - Synlait Ltd., the Canterbury-based dairy group, plans to take its milk processing division public, taking advantage of resurgent global prices to raise funds to expand.

Synlait Milk Ltd has confirmed that it will hold an initial public offer (IPO) of shares and list on the NZX.

The final terms of the offer have yet to be determined but the proposed IPO is likely to comprise three parts - an offer to institutions, to clients of NZX firms and to suppliers and staff.

The offer is likely to comprise a mix of new ordinary shares issued by Synlait Milk and existing ordinary shares sold by Synlait Ltd.

Most of the money raised will be used to build a second milk processing plant on Synlait Milk's existing site at Dunsandel, Canterbury, doubling its capacity to process raw milk into a variety of milk powders for export.

The prospectus is due later this month. First NZ Capital Ltd has been appointed lead manager for the offer.

TheCattleSite News Desk



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