Australia's Beston Global enters voluntary administration [Yahoo! Finance]
ASX LTD UNSP/ADR (ASXFY)
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Source: Yahoo! Finance
While the proposed “non-binding” transaction from Japan's Megmilk Snow Brand Co. – for Beston's cheese and lactoferrin production business in Jervois, South Australia – has been terminated, a myriad of other factors were cited for the decision. In an announcement to the Australian Securities Exchange today (23 September) Beston blamed a burden from debt and rising interest rates; under-pressure margins; the surge in energy prices; cheap dairy imports into Australia from New Zealand, Europe and the US; and dairy code legislation introduced by the government in 2019. As a consequence, KMPG was appointed as administrators on 20 September, around a week after the Megmilk Snow Brand transaction was announced and a matter of months since Beston sold its meat business , the Provincial Food Group. Included in the administration process is the wholly-owned subsidiary Beston Pure Dairies. Group CEO Fabrizio Jorge said the Megmilk “offer would have enabled all of the jobs at Jervois to
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