Logo of Phnom Penh Post newspaper Phnom Penh Post - Nestlé farm scheme boosts shares again

Nestlé farm scheme boosts shares again

Nestlé farm scheme boosts shares again

NESTLÉ, the company behind leading coffee brand Nescafé, released plans on Friday to double the amount of coffee bought directly from farmers in the next five years.

The behemoth said it would eventually purchase 180,000 tonnes of coffee from around 170,000 farmers per year. It would also invest 500 million Swiss francs (US$486 million) in coffee projects by 2020.

Nestlé shares added US$0.19 on Friday in OTC trading to close 0.37 percent higher at $50.91. Its share price has climbed 26.3 percent since August last year. Coffee was trading last week at its highest level in almost 13 years.

The reporting season continued with OZ Minerals – which is exploring mining concessions in northeast Cambodia – recording on Wednesday a net profit of $406 million for the six months to June 30, a significant turnaround from a $586 million loss a year earlier. On the same day, it was slapped with a class action filed by Slater & Gordon.

The firm, representing 140 retail investors, alleged OZ breached market rules by failing to properly disclose the full extent of its debt. The investors claim to have lost about $18 million when holdings plummeted 80 percent and stock was suspended at 55 cents in November 2008. OZ’s share price on the ASX closed on Friday at A$1.20, 1.6 percent below its Wednesday opening.

MOST VIEWED

  • Government denies claims former Thai PM Yingluck issued Cambodian passport

    Government officials on Thursday denied claims that a Cambodian passport was issued to former Thai Prime Minister Yingluck Shinawatra, who reportedly used it to register a company in Hong Kong. The Hong Kong-based English language South China Morning Post (SCMP) on Wednesday reported Hong Kong

  • Diplomatic passports issued to foreigners to be annulled

    The Ministry of Foreign Affairs and International Cooperation will move to annul diplomatic passports issued to those not born in Cambodia. Analysts say the move may be in relation to reports that former Thai prime minister Yingluck Shinawatra used a Cambodian passport to register as

  • Hun Sen warns Irish MP of EBA ‘mistake’

    Prime Minister Hun Sen on Saturday told former Irish premier Enda Kenny, still a member of the EU nation’s parliament, that the 28-nation bloc should not make a “third mistake” regarding Cambodia by using the preferential Everything But Arms (EBA) agreement to “take 16 million

  • The hairy little heroes saving many lives in rural Cambodia

    IN RURAL Siem Reap province, rats dare to tread where no person will, as these hairy little heroes place their lives on the line each day for the good of the local community. The rodents are the most important members of a special team, leading