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- Andrew ‘Twiggy’ Forrest’s investment arm has bitten off a chunk of Bega Cheese (BGA), buying a 6.61 per cent stake in the iconic dairy company
- The mining giant and his private investment vehicle, Tattarang, acquired 20.01 million BGA shares earlier this month
- The investment comes after Bega announced a revised earnings update, as COVID-19 and related lockdowns negatively impact the cheese business
- The Fortescue Metals (FMG) chairman has previously invested in a number of well-known Australian businesses, including boot-maker RM Williams
- Shares in Bega Cheese have jumped 2.06 per cent to trade at $5.44 each
Andrew ‘Twiggy’ Forrest’s investment arm has bitten off a chunk of Bega Cheese (BGA), buying a 6.61 per cent stake in the iconic dairy company.
The mining billionaire’s private investment vehicle, Tattarang, acquired 20.01 million BGA shares earlier this month on December 23.
BGA said in a substantial holder notice that Tattarang AgriFood Investments, Forrest & Forrest and John Andrew Henry Forrest have invested in the dairy business.
The Fortescue Metals Group (FMG) chairman has previously invested in a number of well-known Australian businesses, including boot-maker RM Williams.
Twiggy’s investment comes after Bega announced a revised earnings update, as COVID-19 and related lockdowns negatively impact the cheese business.
The ASX-lister announced it was now forecasting earnings before interest, taxes, depreciation and amortisation (EBITDA) to total between $195 million and $215 million for FY22.
The company said the impacts from lockdowns had been extensive and significant, with changes to the Chinese infant and toddler dairy market also affecting its bottom line.
Looking ahead, Bega said it was expecting competition for milk to remain fierce with the farm gate price of milk likely to remain high throughout 2022.
Shares in Bega Cheese have jumped up 2.06 per cent following the investment, trading at $5.44 on Thursday during mid-afternoon trade.
