ProTen plans to expand chicken farming in New South Wales
The Sydney-based company plans to develop between 56 and 64 new chicken sheds in two stages.
ProTen, Australia's largest independent contract grower of broiler chickens for meat, plans to develop more chicken sheds in Tamworth, New South Wales, increasing its total production to as much as 87 million chickens a year.
The Sydney-based company, whose shares trade on New Zealand's Unlisted market, plans to develop between 56 and 64 new chicken sheds in two stages, it said in a statement. It expects an initial 20 sheds will be built in late 2017 or early 2018 with the remaining 44 sheds constructed to coincide with the planned expansion of Baiada Poultry, Australia's biggest chicken processor, which ProTen supplies.
The project requires the consent of the NSW state government, which will ultimately determine the final number of sheds to be developed, ProTen said.
The chicken farmer has secured 1,200 hectares for the project and anticipates the farm could produce as much as 19 million chickens a year.
It will fund the project through its balance sheet.
ProTen shares last traded at $1.40 on Sept. 2, valuing the company at $160 million.
(BusinessDesk)
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Tina Morrison
Thu, 08 Sep 2016
Thu, 08 Sep 2016
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ProTen plans to expand chicken farming in New South Wales
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