Australian dairy producer Beston Global announced earlier this week it has concluded the placement of $6.4 million in shortfall shares following an earlier $9.2 million entitlement offer.
The completion of the total $15.6 million offer allows Beston to meet the conditions of the South Australian Government’s regional growth fund grant, which will be used to further fund the acceleration of the business’ Lactoferrin plant.
Lactoferrin, sometimes called ‘Pink Gold’, is a protein found in cows milk and can be used to help the body fight off viruses.
According to The Market Herald, early clinical trials using lactoferrin had promising results in stopping the Covid-19 virus from replicating in infected patients.
And, with the investment, the plant’s production capacity with grow to over 20 tonnes per annum.
Alongside this investment, the business has appointed Katarina Li to the new position of general manager of nutritionals. The role will be critical for the business’ growth moving forward, and Li’s prior experience at Synlait, Murray Goulburn, Nuchev and Fonterra made her fit for the role.
“In addition to her background and wide experience in the dairy industry, Tina holds high level qualifications in accounting and business administration,” Beston said.
“[Including] a bachelor of commerce degree from the University of Otago, New Zealand, a graduate diploma in applied statistics from Massey University in New Zealand and a master of business administration from the University of Melbourne.”
