As you may be aware, Brisbane Markets Limited (BML) was a key supporter of the privatisation of the Perth Markets in 2016 and holds approximately 42% of Perth Market Group Limited (PMGL)’s issued share capital.
BML is very keen to work with PMGL so as to ensure that both companies proactively evaluate opportunities of mutual benefit. Accordingly, BML is currently exploring avenues through levels of collaboration between the two organisations can be achieved, creating an increased focus on accessing operating efficiencies and synergies and cost savings. As part of this process, BML has advised the PMGL Board that it is an active buyer of PMGL shares with a view to increasing its holding.
We believe this is a necessary part of striving to ensure that as Market landlords, we are both working to contain costs and remain competitive in what we offer Market tenants and other stakeholders as a significant part of the supply chain for fresh fruit and vegetables.
As a result, BML has advised PMGL’s Board and Shareholders that BML will be actively looking to increase its shareholding to around 51% over the coming two years (subject always to the law and regulatory limits).
Managing Director and CEO
For more information regarding this notice, please contact BML on (07) 3915 4200.