Two stocks that rose on ASX – Bellamy’s Australia Ltd and Whitehaven Coal Ltd
Notice of Initial substantial holding: Bellamy’s Australia Ltd (ASX: BAL) stock recovered over 6.2% on April 04, 2017. Janchor Partners Limited has become a substantial holder of the securities with 5.4% voting power. BAL stock was under pressure as the group updated its position for the registration of the products with China Food and Drug Administration (CFDA). The CFDA registration relates to ‘Chinese label’ (or PRC) product which is sold exclusively in China Offline Retail and have represented 14% of total sales in H1 17. The announced sale of Bega’s Derrimut facility has changed BAL’s planned CFDA registration process and will delay registration beyond January 2018. However, BAL continues to review the multiple alternative and accredited canning facilities and is also actively working with the China Offline Distributor SIIC to preserve continuity of supply of the ‘Chinese label’ (or PRC) product during the registration process.
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