Australian Heritage eyes off Asia Multi-Foods

Following the successful recapitalisation and relisting of Avon Resources earlier this year, Australian Heritage Group Limited is now eyeing off Asia Multi-Foods & Oils (Australia) Limited.

Registered in WA, but run out of Singapore, Asia Multi-Foods is 98 per cent owned by Asia Food & Properties Limited and under suspension due to a lack of spread of shareholders.

Asia Multi-Foods wants to sell and Australian Heritage, which has put together a syndicate to buy its holding, will put its case to Asia Multi-Foods shareholders at a June 21 meeting in Perth.

Australian Heritage Group managing director Sally Capp said the shell company was attractive in that it was not in administration, and had $1 million in cash.

As an industrial stock, rather than, for example, a dot.com company, it would also be easier for Australian Heritage to find a project for the company that would be acceptable to regulators.

While Australian Heritage had not yet made a decision on an appropriate activity to assign to Asia Multi-Foods, there were plenty of opportunities to consider, Ms Capp said.

Australian Heritage is looking at a capital raising for the company at 20 cents per share, and will need to attract more shareholders before the trading suspension can be lifted.