Beston Global Food Company (ASX:BFC) progresses KCG partnership -Agbelo News

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  • Beston Global Food Company (BFC) makes progress on entering a strategic partnership with Thailand-based, KCG Corporation
  • The companies previously entered a memorandum of understanding in June, whereby KCG would become a strategic investor in BFC and enter a long-term agreement to supply its dairy, meat, and alternative meat products in Thailand
  • As part of due diligence activities, representatives of KCG recently visited Adelaide, while the CEO of Beston visited Bangkok
  • The companies have now targeted the end of August to settle the transaction
  • Shares are trading steady at market close to end the day at 7.3 cents each

Beston Global Food Company (BFC) has made progress on entering into a strategic partnership with Thailand-based, KCG Corporation.

As part of due diligence activities, representatives of KCG recently visited Adelaide, while the CEO of Beston visited Bangkok.

The companies previously entered a memorandum of understanding in June, whereby KCG would become a strategic investor in BFC and enter a long-term agreement to supply its dairy, meat, and alternative meat products in Thailand.

As part of this deal, Beston will receive $10 million by issuing about 103.63 million new shares at 9.65 cents each.

KCG is one of the largest importers of dairy products in Thailand and has wide distribution options across the Southeast Asia region.

The companies have now targeted the end of August to settle the transaction.

Shares were trading steady at market close to end the day at 7.3 cents each.

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