date:Jun 25, 2013
The milk powder processor owned by Shanghai-based Bright , Japan's Mitsui Co. and Synlait Ltd, a private local company, said it was seeking to raise NZ$75 million in fresh capital. Mitsui and Synlait Ltd will offer a further NZ$45 million to pay down debts and expand operations.
Bright, which has held a 51 percent stake in the firm since 2010, will not take part in the sell down, Synlait Milk said in a statement. It added that a dilution in Bright's shareholding would lower its stake to aro