Australia-based agri-food company Wide Open Agriculture has confirmed that it is considering selling its Dirty Clean Food brand to drive shareholder value.
The regenerative food and agriculture business has published statements on the Australian stock exchange ASX, confirming that it is “contemplating the sale of the food brand (among other options) as a strategic [step] that may drive shareholder value”.
Wide Open Agriculture said the “process is ongoing and that initial discussions remain confidential”.
Following an article in the Australian Financial Review on 14 February suggesting a possible sale of the asset, the agri-food company requested a trading halt.
It said it requests the halt to remain in place until further clarification from the company.
The Kewdale, Western Australia-headquartered company’s Dirty Clean Food operation is described as a “soil-to-table” brand with a portfolio including a variety of meat products, fruit and vegetables, bakery items and eggs. It also manufactures ready-made food such as pizza and cheeseboards.
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The parent company also owns Wide Open Ingredients. Its main product is Buntine Protein, a plant-based protein derived from lupins grown in Australia.
In October last year, the agri-food business acquired the Germany-based sweet-lupin producer, ProLupin for €2.5m ($2.69m).
It received a A$5m ($3.3m) grant from the Western Australian Government’s Investment Attraction Fund last August. The funds are supposed to support the company to build a facility that makes Buntine Protein-enhanced oat milk.
The plant will be located in Western Australia.
