a2 Milk shares are surging

A baby stays in a shopping cart as his mother selects baby milk in a supermarket in Haikou, south China's Hainan province on August 7, 2013. China has fined six mostly foreign baby formula companies a total of 108 million USD for price-fixing, the government said on August 7, in reportedly the country's biggest-ever anti-trust penalty. The firms fined were Mead Johnson and Abbott from the US, Dumex, a subsidiary of France's Danone, a China arm of Royal FrieslandCampina of the Netherlands, New Zealand giant Fonterra -- at the centre of a health scare this week -- and China's Biostime, the National Development and Reform Commission (NDRC) said in a statement.   CHINA OUT   AFP PHOTO        (Photo credit should read STR/AFP/Getty Images)

A short time ago the shares were up 3.7% to $5.50.

The company, in a presentation to the annual CLSA Investors’ Forum in Hong Kong, forecasts continued strong growth in infant formula and milk powders in Australia and China.

a2 also said it intends to establish an on-market share buyback program over the next 12 months of up to $NZ40 million.

The company last month posted a 198% increase in annual profit to $NZ90.65 million.

a2 says it’s working on meeting new rules in China requiring infant formula brands to be registered by January 2018.

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Source: Business Insider

Link: https://www.businessinsider.com.au/a2-milk-shares-are-surging-2017-9

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