The listed Australian dairy company has received approval for sale of the milk powder but now needs the Chinese regulatory authority, the State Administration for Market Regulation, to give the green light for shipments of it and a range of Wattle Health infant formula products after completing the extensive inspection and testing process.
Wattle Health said it was exhibiting its range of dairy products at the Shanghai International Children Baby and Maternity Products Industry Expo this week, where more than 88,000 trade buyers were expected to attend.
Wattle Health executive chairman Lazarus Karasavvidis said Chinese approval for sale of the milk powder would expand its brand awareness.
“This is a continuation of our China market strategy and ongoing commitment to making healthy, pure 100 per cent Australian made produce available to our China consumers and supporting our extensive distribution partners,” Mr Karasavvidis said.
A company spokesman said the Chinese market was a “billion tin infant formula market”.
“We have got other products there in line which we will eventually be able to ship to China,” he said.
Trade in Wattle Health shares on the Australian Securities Exchange jumped 18.5 cents, or 17.7 per cent, to $1.23 on the announcement yesterday but closed the day on $1.13 a share.
By: PETER HEMPHILL
Source: The Weekly Times