Maple-Brown Abbott among funds selling Goodman Fielder

Maple-Brown Abbott among funds selling Goodman Fielder as Wilmar builds stake

March 2 (BusinessDesk) – Maple-Brown Abbott, the Sydney-based fund manager, is among investors to sell down their holding in Goodman Fielder as Singapore’s Wilmar International built a 10.1 percent stake.

Wilmar, the world’s biggest palm oil trader, said this week it is considering buying a larger stake in Australasian food ingredients maker Goodman. Chief executive Kuok Khoon Kong said his company aimed to working with management “to improve Goodman Fielder’s performance over time.”

Maple-Brown’s holding in Goodman has declined to 6.96 percent from the 9.16 percent holding in is last notice in early December. It sold 41 million shares for A$24.69 million on Feb. 28, according to its latest disclosure. That amounts to 60.2 Australian cents a share.

Goodman shares last traded on the ASX at 66 Australian cents and have soared 52 percent this year.

Wilmar said all of Goodman’s brands are complementary to its existing consumer business. It acquired Australia’s Sucrogen in 2010, gaining assets including Auckland’s Chelsea sugar refinery.

Earlier this month Goodman reported a 77 percent slump in first-half profit to A$21.5 million. It is seeking to restructure itself as rising commodity prices and tepid consumer demand forced it to write-off A$300 million from its baking division last year.

(BusinessDesk)

© Scoop Media