Synlait Ltd investors may sell 19M shares into Synlait Milk IPO, Bright won’t participate

Sun, 23 Jun 2013

June 24 (BusinessDesk) – Shareholders of Synlait Ltd may sell 19 million shares of Synlait Milk as part of the dairy company’s initial public offering while Bright Dairy won’t participate in the sale, according to Synlait Milk’s prospectus. The Rakaia-based Synlait Milk will raise about $120 million from the IPO, of which $75 million will come from new shares and the remaining $45 million from a selldown by Synlait Ltd investors, who include Japan’s Mitsui & Co and Synlait Milk chief executive John Penno. Synlait Milk is currently 51 percent...

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