ONE of the largest rice food companies in the world, SunRice, more than doubled its earnings in the first half, after shareholders fended off a $610 million takeover by Spanish rice marketer Ebro last year.
SunRice said its profit after tax rose to $12.2 million for the half-year ended October 31, 2011, compared with the corresponding period in 2010, The Australian Financial Review reports.
However, the group's major shareholder reckons SunRice should be relisted onto the Australian Securities Exchange to ensure their investments trade closer to fundamental value. It trades as Ricegrowers on the National Stock Exchange of Australia (NSX).
Julian Menegazzo, SunRice's largest B Class shareholder with 5 per cent equity, said SunRice should be listed on the Australian Securities Exchange (ASX), instead of the NSX.
"It is a travesty that these shares are not open to the public and are being traded by SunRice shareholders at $1.85 to $2 per share," he said.
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