Canterbury dairy company Synlait, still smarting from the failure of a $150 million planned share float late last year, is to announce a new partnership later today.
In November last year, the company admitted it couldn't find enough investor suppor
Canterbury dairy company Synlait, still smarting from the failure of a $150 million planned share float late last year, is to announce a new partnership later today.
In November last year, the company admitted it couldn’t find enough investor support for its planed float and scrapped it.
At the time, managing director John Penno said a float could be considered again later this year.
Already close to its processing capacity, Synlait needs an injection of fresh capital to expand its Dunsandel processing plant with a new drier.
Japanese company Mitsui holds a 22.5% stake in Synlait.
Synlait is expected to hold a media briefing at noon to announced details of a new partnership.
