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(Reuters) -Shares of New Zealand's Synlait Milk Ltd hit a record low on Monday after second-largest shareholder a2 Milk said it was cancelling an exclusive manufacturing and supply rights for some of its infant milk formula products.
A2 Milk, which owns 19.83% of Synlait, issued the cancellation notices earlier in the day, saying Synlait's delivery performance during fiscal 2023 was below the required level for it to maintain such rights.
The companies had signed the agreement more than seven ...
>>> Read more: Synlait Milk hits record low as a2 Milk says will cancel exclusive rights
A2 Milk, which owns 19.83% of Synlait, issued the cancellation notices earlier in the day, saying Synlait's delivery performance during fiscal 2023 was below the required level for it to maintain such rights.
The companies had signed the agreement more than seven ...
>>> Read more: Synlait Milk hits record low as a2 Milk says will cancel exclusive rights
