Ful­ida to buy 17% of Wel­lard stake

China Daily (USA) - - BUSINESS -

Chi­nese tex­tile maker Ful­ida Group Hold­ings Co agreed to buy 17 per­cent of Wel­lard Ltd, the Aus­tralian livestock ex­porter that has slumped since list­ing in De­cem­ber 2015. The share pur­chase, from a com­pany con­trolled by Wel­lard Chief Ex­ec­u­tive Of­fi­cer Mauro Balzarini, will make Ful­ida the sec­ond-big­gest in­vestor in Wel­lard, ac­cord­ing to a stock ex­change fil­ing on Mon­day. While ex­act terms of the sale were not dis­closed, Wel­lard has tum­bled 83 per­cent since the ini­tial pub­lic of­fer­ing, cut­ting the com­pany’s mar­ket value to A$94 mil­lion ($71 mil­lion).

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