Blis Technologies in trading halt over product line 'quality issue' in foreign market

Monday 2nd November 2015

Blis Technologies shares have been halted as the probiotic products maker investigates a quality issue in one of its lines that's reached a foreign market.

The shares were halted ahead of trading today, with the Dunedin based company later announcing it was "aware of a quality issue in a product line in one of its international markets" and investigating "this issue to determine its scale and ascertain any impact on BLT's financial circumstances."

The halt is expected to be in place until the close of trading tomorrow while Blis completes the investigation.

Last month Blis said it expected to report a "modest" earnings surplus in the year ending March 31, 2016 with sales in excess of $5.3 million. The company signed a major deal last year to have its probiotic healthcare products distributed across 600 stores in China by pharmaceutical firm Sinopharm.

New Zealand's reputation for providing safe and high-quality food products took a dent in 2013 after Fonterra Cooperative Group's false botulism alarm sparked a worldwide recall of a particular whey protein concentrate.

The shares last traded at 2.6 cents, valuing the company at $28.7 million.

BusinessDesk.co.nz

Comments from our readers

No comments yet