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Bellamy's shares soar as licence restored

Melissa Jenkins  |  09 Aug 2017Text size  Decrease  Increase  |  

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MELBOURNE - [AAP] Shares in infant formula maker Bellamy's Australia (ASX: BAL) have soared after Chinese authorities lifted a licence suspension on the company's recently acquired Camperdown canning facility.

The registration of the Camperdown Powder canning site in Victoria has been reinstated by the Certification and Accreditation Administration of the People's Republic of China (CNCA), Bellamy's said.

The company's shares were up 37 cents, or 4.7 per cent, at $8.25 at 1301 AEST, their highest so far in 2017.

Foreign suppliers of Chinese-labelled infant formula products in China must register the canning facility used to blend and pack the products with the CNCA.

Chinese authorities suspended registration of Bellamy's Camperdown canning facility in Victoria on July 7 after a third party's allegations relating to historical filing and records, and to certain previous quality issues, the company said.

Chief executive Andrew Cohen on Wednesday thanked Australian trade officials for their assistance as the company responded to CNCA requests.

"'Bellamy's appreciates the important role the CNCA has in protecting Chinese consumers and the support of the Australia trade officials in assisting us throughout this process," he said.

 

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