Shares in New Zealand-based milk supplier, A2 Milk Company, have slipped slightly after they started trading on the Australian Securities Exchange (ASX).
A2 Milk shares opened at 55.5 cents and were at 55 cents at 1218 AEDT.
A2 Milk already trades on the New Zealand stock market.
The listing on the ASX did not involve the raising of any new capital.
The company says its listing on the Australian bourse represents a milestone following seven years of strong growth in the Australian milk market.
The Australian listing coincides with the launch of A2 Milk in the United States.
A range of half gallon fresh milk cartons will be launched into supermarkets and grocers in California in mid-April.
“The ASX listing, in conjunction with the listing on the main board of the New Zealand Securities Exchange, provides a closer alignment between our capital markets profile and our current business,” a2 Milk MD, Geoffrey Babidge, said on Tuesday.
“It should also provide for broader investor participation and improved access to capital markets over time.”
A2 Milk is milk that comes from cows selected to produce only the A2 beta casein protein and not the A1 protein.
A2 Milk says the milk is entirely natural pure cow’s milk and not a product of technological process or genetic engineering.
AAP
