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Jamie Gray

Jamie Gray is a business reporter for the New Zealand Herald and NZME. news service.

Westland will not follow Fonterra, says CEO

By February, the company's Hokitika plant will have been converted to produce formula on a large scale.  File photo / NZPA
By February, the company's Hokitika plant will have been converted to produce formula on a large scale. File photo / NZPA

Westland Milk Products will not follow Fonterra and open up its business to private investors, despite a voracious appetite for protein-related assets, says chief executive Rod Quin.

The Fonterra Shareholders Fund, which gives investors access to the co-operative's dividend flow, had an explosive debut on the share market last week, with the highly-sought units trading initially at a 21 per cent premium to their issue price.

Quin said Westland - one of New Zealand's top 100 businesses with turnover over $530 million - will set up a review of its constitution, which has not changed in 10 years.

As it stands, Westland shares have a nominal set price of $1.50 each. Quin said there may be a recommendation that could see the price increase, in time, to $2 or $2.50.

By February, the company's Hokitika plant will have been converted to produce formula on a large scale.

- APNZ

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