Sandalwood producer Quintis has revealed more operational and financial pain, with the embattled Perth company suspending plantation sales, lowering forecast product sales and admitting a $27 million investment would not proceed.
An upgrade to a meat processing plant at Katanning, a chicken feed mill in Muchea, a new piggery at Moora and a live lobster holding facility in Welshpool are the latest in a string of investments that will boost the agribusiness sector in Western Australia.
Live cattle exporter Wellard has announced the sale of one of its mid-sized ships to Israeli company Dabbah Slaughterhouse for $US26 million ($A35 million).
Global ratings agency S&P has cut its credit rating for Quintis for the second time this month and kept the troubled Indian sandalwood producer on credit watch with negative implications, suggesting another downgrade is possible.
Fremantle-based livestock exporter Wellard has appointed Chinese businessman Kanda Lu as an executive director in an effort to boost the company's expansion into China's beef cattle market.
Western Australian farmers are among the most optimistic in the nation, according to the annual Commonwealth Bank of Australia Agi Insights report to be released today, with 39 per cent likely to be investing in their businesses in the year ahead.
Poultry producer Ingham’s Chicken will invest more than $70 million to build a new feed mill near Muchea as part of a plan to grow production volumes in Western Australia.
Ratings agencies Moody’s and S&P have downgraded the debt of agribusiness Qunitis, while private equity fund Black Rock revealed it had taken a 5.1 per cent stake in the company.
Shares in sandalwood supplier Quintis were down 44 per cent today after the company admitted it had lost a contract supplying Nestle five months ago, the second issue relating to a contract this year.
PHOTO ESSAY: Workers from Ocean Grown Abalone will install 5,000 concrete habitats, or Abitats, at Augusta during the next 18 months as part of anexpansion of the company’s aquaculture business.
Sandalwood producer Quintis has negotiated a second deferral of an option agreement that could see it having to pay nearly $34 million to buy back 400 hectares of plantations, as the company confirmed it was in advanced negotiations with a possible replacement for a key Chinese customer.
Former Australian Wheat Board chairman Trevor Flugge has been fined $50,000 and barred from managing corporations for five years, after he was convicted in December of breaching his duties as a director while the company was making questionable payments to the government of Iraq.
