Beston Global Food Company Ltd (AU:BFC) has released an update.
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Beston Global Food Company Ltd has appointed KPMG as voluntary administrators to navigate a financial crisis brought on by a confluence of factors, including high operational costs, uncompetitive farmgate milk prices, and adverse global dairy market trends. Despite operational improvements and the divestment of its meat processing business, Beston’s efforts were undermined when Megmilk Snow Brands withdrew their acquisition offer for a production facility. The company, which has been recognized for its premium dairy and health nutrition products, is now considering its options in administration.
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