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Keytone Dairy to list on ASX July 18
KEYTONE Dairy Corporation Ltd -- with a pending ASX code of KTD -- will be listed on the Australian Securities Exchange (ASX) via an Initial Public Offering (IPO) tomorrow, July 18 at noon.
Keytone Dairy capital raising closed with an oversubscription of A$15 million through the issuing of 75 million ordinary shares at the issue price of $0.20 per share. On listing the company will have a market capitalisation of $30 million.
As part of the IPO, Keytone Dairy will acquire Keytone Enterprises (NZ) Company Limited (Keytone NZ) which is a profitable New Zealand-based company manufacturer, packer and exporter of dairy and nutrition blended products, with a focus on powdered dairy products.
Keytone Dairy’s proprietary manufacturing facility, located in Christchurch, New Zealand, produces commercial whole and skim milk powder as well as other dairy powder blends under its proprietary brands. The company also contract-packs a range of powdered dairy products for major supermarkets, retail chains, dairy producers and other customers, in New Zealand and China, under their private label brands.
Keytone Dairy’s products are exported globally, including to China, for sale in a variety of channels, including major supermarket chains, premium retail channels and online marketplaces. Keytone Dairy holds the coveted China Certification and Accreditation Administration (CNCA) licence, a pre-requisite for importation of dairy products into the People’s Republic of China. It is also Halal-certified, enabling exports into Muslim countries.
Keytone Dairy’s customers and distribution channels include, New World, PAK’nSAVE, Countdown (Woolworths New Zealand subsidiary), Dairyworks New Zealand, Metro, Guangzhou Dept. & Friendship Store, HalsoKraft, JD.com, Tmall.com and VIP.com.
Funds from the IPO will be used primarily to expand the company’s manufacturing base from its one existing facility to include two new manufacturing facilities it plans to build. Keytone Dairy also plans to expand its product range, distribution network and develop distribution in additional geographic markets.
About Keytone Dairy
Keytone Dairy Corporation Ltd is the Australian wholly-owned subsidiary of Keytone Enterprises (NZ) Company Ltd, a New Zealand-based manufacturer, packer and exporter of dairy and nutrition blended products, with a current focus on powdered dairy products. Keytone Dairy has successfully commercialised and is currently selling whole and skim milk powder and other dairy powder blends under its proprietary brands, as well as manufacturing and packing a range of powdered dairy products for leading supermarkets, retail chains, dairy producers and other customers under their private label brands.
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