Dairy company Synlait is in a desperate fight for survival.
Photo: Eiliv Aceron for Unsplash
Debt laden dairy company Synlait Milk will raise close to $218 million from its two main shareholders to preserve its future.
It revealed details of its desperately needed equity raise after the close of markets on Tuesday night.
Synlait’s two major shareholders have committed to pay well above its recent market price to ensure its survival.
Major shareholder Bright Dairy of China will supply the bulk of the money, $185m, buying new shares at 60 cents each – double the recent market price. That would lift its stake to just over 65 percent.
Meanwhile Synlait’s major customer A2 Milk will invest nearly $33m, at 43 cents a share, a 43…
