Mysterious buyer of SPC’s IXL jam factory revealed as not Australian-owned

ANOTHER one bites the dust.

WHEN if ever will we be Masters of our own destiny?

WHEN will our sovereignty not be recoverable?

WHEN will we ever realise that having sold our agricultural land, our domestic housing, our energy companies, our means of production (what’s left of it) our construction companies, our public assets … that’s it’s been a monumental mistake?

WILL it be when we are all paying foreign entities rent and tributes?

Mysterious buyer of SPC’s IXL jam factory revealed as not Australian-owned

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Vic Country Hour

By Warwick Long and Andy Burns

24 OCTOBER 2019

IXL jam produced at the SPC factory at Kyabram
IXL jam produced at the SPC factory at Kyabram. (ABC Rural: Warwick Long)

The ABC has uncovered documents which reveal the majority shareholder in the recently sold SPC jam factory at Kyabram in northern Victoria is a Malaysian-based investor.

Key points:

  • SPC announced Kyabram Jam Company purchased its IXL jam factory
  • The sole shareholder of the company is The Holstein Milk Company (Australia), which lists its majority shareholder as a Malaysian agribusiness investor
  • Local business leaders have welcomed the sale as the factory’s 40 workers have been told they will retain their employment

On Monday SPC announced the sale of its factory, which produces IXL jams and Taylors marinades, to a mystery business called Kyabram Jam Company.

The business was only registered in September, 2019 to an address in Undera.

*When announcing the sale, chief executive of SPC, Robert Giles, told the ABC the group behind Kyabram Jam Company was made up of local farmers.

“They’re a locally formed company made up of farmers that reside in the Goulburn Valley,” Mr Giles said.

“They are passionate about the business and the brands so it’s really good news to have it in local hands.”

*But an ABC investigation into the company’s ownership reveals the business is owned through a complex system of Australian and Malaysian investment.

Kyabram Jam Company has two listed directors, Adam Pretty, who has another company called Dairy Livestock Exports, and Malaysian agribusiness investor, Loi Tuan Ee.

Mr Pretty confirmed the factory has been bought by this joint Malaysian-Australian investment and said Kyabram Jam Factory will be will be issuing a statement later this week.

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The sole shareholder in Kyabram Jam Factory is another company that lists Mr Pretty and Mr Ee as directors, The Holstein Milk Company (Australia).

*The Malaysian branch of Holstein is the majority shareholder, with $4 million in beneficially held shares.

Although Kyabram Jam Company has not spoken to media, SPC said the new owners have made a commitment to local production, local jobs, and the brands that have been produced at the factory.

Neither company has disclosed the amount paid for the factory or the brands.

Locals welcome sale

Business leaders in the town have welcomed the sale and that the factory’s 40 workers have been told they will keep their jobs.

Miles Gould, the outgoing president of the Kyabram Chamber of Commerce, believed the sale was positive.

“There is a fair bit of optimism in the town over this sale,” Mr Gould said.

“There is an excitement because it means these people get to keep their jobs, get to stay in town, and not just those people — they’ve got families.

“The business in the town, the sporting clubs, and the schools all rely on having these people involved.”

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SOURCE: https://www.abc.net.au/news/rural/2019-10-24/spc-jam-factory-mystery-buyer-not-australian-owned/11634574

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