China buys into Qld beef

04 Dec, 2013 03:00 AM
Comments
6
 

NEW Hope Investment Fund, a China-based fund with a strong focus on agriculture and food industries, along with its strategic industry partners, have acquired a majority stake in Queensland beef processor and exporter Kilcoy Pastoral Company (KPC).

KPC, Australia’s fourth largest beef processing facility, employs 750 staff and processes more than 265,000 grain-fed cattle per year.

KPC chief executive officer Dean Goode said the management team was excited about the "new foundation" for the business.

“This new ownership structure provides us a solid foundation and strong industry support, which will enable KPC to pursue its next growth strategy," he said.

The new shareholders have committed to retain KPC’s management team and staff and to help KPC to expand its product offering and market reach.

“This is excellent news for our customers, for our feedlot partners, and also for our hard-working staff," Mr Goode said.

"We are determined to develop a growth strategy involving and benefiting all of our partners and stakeholders and to contribute to the success of the Australian beef industry.”

New Hope Investment Fund and its strategic industry partners have extensive reach and presence in animal protein sectors in the Asia Pacific regions.

Kilcoy Pastoral Company’s majority shareholder has been PAG Managed Fund following its takeover of Singapore-based Harmony Capital Management’s Harmony Investment Fund. Harmony previously purchased KPC from the Kennedy family in 2007.

FarmOnline
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READER COMMENTS

Percy
4/12/2013 9:49:19 AM

New Hope Investment Fund is surely a Chinese government owned entity and should have been blocked because the FIRB rules do not allow foreign countries to own our land.
Bushie Bill
4/12/2013 11:34:40 AM

Percy, you continue to prove your ignorance every time you post. Tell me, what is the law that prevents " foreign countries to own our land"? Do you ever read your posts before pushing the Submit button to see if they correctly reflect what ever may be going on in your little mind? May I suggest you do so in future, if for no other reason than to prevent you making a continuing fool of yourself?
Brad Bellinger
4/12/2013 5:11:22 PM

The 4 largest are basically now all foreign owned. Brazil ,USA ,Japan ,and now China they have the advantage on locally owned with cheaper interest rates worlds lowest cattle prices is certainly a drawcard. MLA pours millions into them .They are a type of reverse Robin Hood steals from the poor and gives to the rich.
Beefy
5/12/2013 6:39:41 AM

Good stuff. Its great to see, as china is also in our cattle game, Now ! Meaning they have the confidence to invest in our cattle industry in that area. It will be a win win for us on a long hard road.
john from tamworth
6/12/2013 11:04:28 AM

I agree Beefy, this is really good news.The Chinese won't let the grass grow under their feet and they will want to expand the operation. Anything that can get cattle producers closer to the Chinese consumer is something we should bend over backwards to support.
Percy
6/12/2013 8:29:39 PM

Bushie, I see most of your posts are negative so will not take offence. Maybe you should have a closer look at what rules apply.

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COMMENTS

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Why do they forget the small producers they are the backbone of the industry. What. Did this
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Good these guys will be able to help the farmers they are treating like second class peasants.
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Lets' hope Troy Grant doesn't Delforce's website or it will be yet another NSW