Sumitomo’s Nufarm interest shrinks
Japanese conglomerate, Sumitomo Chemical Company, has seen its stake in Australian farm chemical business, Nufarm, diluted by the recent share offer to institutional investors.
Sumitomo previously held a 23 per cent stake, which is now down to 19.2pc.
Meanwhile, Chinese investor and chairman of Fuhua Group, Zhang Hua, lifted his Nufarm stake by almost 1pc to 7.3pc.
Mr Zhang and his controlled entities, Power Growth Global, based in China’s Sichuan Province, and the Virgin Islands registered company Brecken International, has told Nufarm their increased stake was a “financial investment” only and there was no current intention to seek control or influence in the company, or a board position.
The Fuhua Group is one of China's biggest glyphosate producers, and an ingredients supplier to Nufarm, of which Mr Zhang officially became a “substantial” shareholder last year having previously held shares for about two years.
Select director dies
Long-serving Select Harvests director, Ross Herron, has died.
The chairman of the almond grower and nut processing business’ audit and risk management committee had been a board member since 2005.
Board chairman, Michael Iwaniw, described Mr Herron as a passionate and active director who had an “uncanny ability to see through problems and quickly arrive at solutions” .
Meanwhile, Select has promoted Vanessa Huxley to the role of general manager of finance and company secretary, following the resignation of Paul Chambers in August, and Brad Crump joins the company as chief financial officer.
Jackson leaving Elders board
Elders director James Jackson, is to retire at the annual general meeting on December 14, where he will not seek re-election.
Mr Jackson, an agricultural investment fund manager and former investment banker, has been on the board since April 2014.
Chairman, Hutch Ranck, said his skills and knowledge, particularly in relation to capital markets, contributed significantly to the capital restructuring and refinancing of Elders which occurred during his tenure.
Rural media firm’s national win
Riverina-based Sauce Communications and South Australian media agency, Fuller, have been named a joint winners of the 2017 Australian Medium Consultancy of the Year, by the Public Relations Institute of Australia’s (PRIA)
It was the second consecutive year Sauce, headquartered at Leeton since 2004, has won the national title and follows its third win as NSW Medium Consultancy of the Year.
“We share a passion for rural and regional Australia, and a commitment to achieving the best possible results for each of our clients,” said principal Liane Sayer-Roberts.
The company also has staff in Sydney, Canberra and Melbourne, with some of Australia’s largest agribusinesses as its clients, including SunRice and De Bortoli Wines.