New Zealand-funded Australian poultry company, ProTen, is seeking $15 million from investors to fund the development of 96 chicken sheds across four farms in New South Wales, according to Scoop, citing a report in BusinessDesk.

ProTen, which trades on the Unlisted.co.nz platform, represents approximately six per cent of Australian poultry market share. It was founded in New Zealand in 2001, merging the broiler chicken farming businesses of four existing operations.

In 2002, ProTen began investing in the Australian market and by 2006, all New Zealand assets were sold off and the capital was reinvested into the Australian business.

Chief financial officer, Matthew Holloway, told BusinessDesk the company does not intend to stop quoting on the securities trading site, despite having no plans for development of its business in New Zealand.

He said: "The company still has a strong interest in New Zealand with two of the four directors being kiwis and the majority of our shareholders being New Zealand residents."

Further Reading

-

Go to our previous news item on this story by clicking here.