Capital raising closes 

Brisbane Markets Limited (BML) has successfully closed its $12 million capital raising to assist funding a range of major capital expenditure projects over the coming two years.

BML CEO Andrew Young said the offer was oversubscribed which, in the current economic climate, was a vote of confidence in the company and the fresh produce industry.

Mr Young said the company had ambitious plans for the ongoing development and upgrading of the Brisbane Markets site at Rocklea.  He said this followed on from completion late last year of the $30 million South Gate East warehouse and commercial centre development, fronting Sherwood Road.

“Construction has begun on a new western access road into the Markets together with two new car parks and a new building platform,” Mr Young said.

“There are a further five projects under consideration at a potential total construction cost of around $40 million.

“Our ultimate aim is for the Brisbane Markets to have the flexibility to respond to stakeholder requirements and provide the highest order of facilities to meet the needs of the industry.”

Mr Young said that the BML Board of Directors, chaired by Tony Joseph, was extremely pleased with the outcome of the capital raising.

“It recognises the excellent financial position of the company which has gone from strength to strength since purchasing the Markets just six years ago,” he said.