George Adams: Synlait Board Chair on Bright Dairy's plans to increase ownership of Synlait

The Mike Hosking Breakfast

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2M ago 4:18

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The largest investor of struggling Canterbury milk processor, Synlait, will increase its ownership if its planned equity raise gets approval.

China's Bright Dairy's committing to pay 60 cents per share for $185 million of stock to lift its stake of the company to 65.3%.

Board chair George Adams says it's critical for Synlait's future - after it told the Australian securities exchange more than half of its 280 suppliers want to leave in June.

Adams told Mike Hosking the farmers' cessation notices were a message to the business as they take two years to take effect.

He says he's thrilled for their group of loyal farmers.

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