SunRice shares now open to the public
SunRice is now officially listed on the Australian Securities Exchange.
The leading Australian branded foods company’s shares were trading at $8.30 a share as the SOUTHERN RIVERINA NEWS went to print yesterday, after opening at just over $7 a share Monday morning.
The listing is the next step in a journey that began in the New South Wales Riverina almost 70 years ago.
Listing on the ASX will enable SunRice to have better access to funding, when it is required, to deliver on the company’s 2022 Growth Strategy.
SunRice CEO Rob Gordon said the strategy is a five-year roadmap that capitalises on global food trends and the business’ competitive advantages, with the aim of increasing paddy prices for rice growers and driving shareholder value.
The company announced last year it anticipates spending between $200 million and $300 million across its entire footprint as part of the strategy, which includes at least $24 million at Deniliquin.
‘‘Our growth strategy is focused on reducing business risk and building resilience, which is especially important for agricultural companies like SunRice that are exposed to cyclical conditions, such as those currently being experienced in the Riverina by our growers and employees,’’ Mr Gordon said.
‘‘The strategy, now in its third year, is designed to accelerate the SunRice Group’s growth into a strong and enduring global business to the benefit of shareholders, growers and employees.’’
SunRice shareholders voted to support the listing motion in September, with 80 per cent support from A class shareholders and more than 90 per cent from B class shareholders.
SunRice chairman Laurie Arthur was pleased to represent the company as the ASX listing ceremony and ceremonial bell ringing on Monday.
‘‘From our foundations as a rice processor and marketer, today SunRice is a $1 billion Australian icon and one of the largest branded rice companies in the world.,’’ he said.
‘‘We have a diverse portfolio of businesses and strong track record in innovation and commercialising value-added rice products in high-growth global markets.
‘‘The evolution of SunRice continues with our listing on the ASX and we look forward to securing a stronger future for all our stakeholders and the Australian rice industry.’’
SunRice’s ASX ticker code will be SGL. Visit www.sunrice.com.au for more information.
SunRice chair Laurie Arthur and CEO Rob Gordon at the ceremonial ASX bell ringing.