May 22, 2018 Last Updated 7:58 AM, May 18, 2018

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Beston Global Food plans to raise $130m

AusBN – Beston Global Food Company has announced plans to raise up to A$130 million in an initial public offering on the ASX.

The company is hoping to become a premium food exporter and is offering shares at 35 cents each.

The public float will comprise of a broker firm offer and a public offer, and will open on 21 July and close on 11 August.

If the public offering is successful the company is hoping to start trading on the ASX on 21 August of this year.

Dairy, meat, seafood and health foods all generate revenue for the company alongside its integrated operations across production, processing and distribution.


Australia invests in Queensland start-ups

AusBN – The government has announced that it will provide A$24 million for start-ups as part of its $180 million Advance Queensland scheme.

The funding will be used to encourage more entrepreneurs to build companies within the state.

Thousands of jobs are expected to be created by the scheme, which will also contribute billions of dollars to the state’s economy.

StartupAUS CEO Peter Bradd said: "The Queensland government is setting the agenda for other states and territories today with its Advance Queensland policy initiatives aimed at stimulating jobs growth via the local start-up community.

“We’re pleased to hear Queensland Premier, the Hon Ms Annastacia Palaszczuk MP, is planning to provide an integrated suite of seed funding, co-working space, mentoring, and connection to customers and markets for start-ups, as well as expanding STEM in Queensland schools.

 “Giving focus and profile to growing our start-up ecosystem and entrepreneurial community will help secure the next generation of Australian jobs and boost our economic future.

“This has to be a priority for all levels of government.

"Australia won’t be the lucky country forever, and we can no longer rely on traditional sectors such as mining or agriculture to prop us up on a fiscal level.

“Australian political and business leaders need to take a cold, hard look at our economic future and more aggressively back the growth potential within our home-grown start-up community."


Sri Lanka and Australia set up Chamber of Commerce

AusBN – A Sri Lanka-Australia Chamber of Commerce (SLACC) has been set up by the two countries in the hopes of increasing trade.

The two-way merchandise trade agreement was launched at the New South Wales Business Chamber Head Office in Sydney.

Trade between the two countries amounted to A$389 million in the last financial year.

Sri Lanka exports apparel, tea, rubber and clay construction materials to Australia while Australia exports dairy, vegetables, paper and animal feed in return.

Around 70% of Australia’s lentils are sourced from Sri Lanka, which also supplies the eight largest source of students to Australian tertiary education.

Support will be provided by the SLACC to business people entering or exploring the two markets.


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