Bega Group will sell its 49 per cent shareholding in Vitasoy Australia Products for $51 million after its Hong Kong-headquartered joint venture partner exercised an option to take full control of the business.
Vitasoy Australia sells a range of plant-based beverages and yoghurt products in Australia, New Zealand and overseas. The company is jointly owned by the Bega Group and Hong Kong-based Vita International.
In an ASX announcement, the company said it will consider options to maintain an involvement in the plant-based sector as demand booms.
“National Foods Holdings Limited (Bega’s subsidiary) will sell the stake and Vita International will buy NFHL’s shareholding in Vitasoy Australia for $51 million,” said the statement.
To facilitate the transition, Bega’s subsidiary BDD Milk will help with the sale and distribution of Vitasoy Australia’s products until March 31 when Vitasoy takes over.
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