The newly ASX-listed maltster has kicked off a capital raising just weeks after it was spun out of GrainCorp to boost its balance sheet in the coronavirus pandemic.
Agribusiness heavyweight GrainCorp has delivered a $388 million net profit for the first half of fiscal 2020,buoyed by the sale of its bulk liquid terminals business.
GrainCorp's new boss says the company is well placed to bounce back from the devastating drought,as some farmers seed their biggest grain crops in at least six years.
Australia's stock market gained more than 4 per cent on Tuesday on hopes Congress will approve a massive stimulus package for the US economy.
Fears that a devastating bushfire in NSW will disrupt milk production and cause a further tightening in supply has spooked investors in the ASX-listed dairy group.
Fonterra executive Robert Spurway has been selected to steer GrainCorp through a transition phase as drought continues to ravage the agricultural sector.
The competition regulator has given a green light to GrainCorp's sale of its liquid terminals business but trimmed $18m from the deal's value on the way through.
The ASX-listed agribusiness GrainCorp has plunged to a $113 million statutory net loss as grain growers in the eastern states were hit by one of the"worst droughts on record".
The competition watchdog has flagged concerns about the impact on customers of the proposed transaction.
The agri-business giant is concerned that ongoing uncertainty is bringing inefficiencies into global supply chains.
A deal with a global insurer will set a floor on the grain harvest for the east coast's biggest grains company.