The 106-year-old company is launching a capital raise to invite Goulburn Valley residents to become shareholders in the fruits and vegie business once more.
Fruit and vegetable processor SPC is asking Goulburn Valley residents to tip in $100,000 or more of their money to become a shareholder once again in the business that has been based in the Victorian region for over 100 years.
Chairman Hussein Rifai said SPC was moving from “starting to walk” to “running marathons” after engineering a successful turnaround in the years since Coca-Cola’s ownership, and it was now inviting locals to be part of that growth journey.“We want to get the families of the Goulburn Valley to come back and invest in SPC because the natural alignment of their interests and SPC’s interests,” Rifai said. “We believe that will also bring more employment into the valley.
Shares are being offered at $1.17, a discount to the last traded price of $1.30. SPC delisted from the ASX in 2005. SPC booked an $11.8 million loss in the 2021 financial year but swung to a profit of $24 million in 2022. Rifai said the figures of the most recent financial year had been heavily impacted by La Nina floods, which damaged 18,000 tonnes of tomatoes.
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