joint Venture Split
Following a review in late 2023 of the Marquis Marketing Joint Venture (JV), it was determined that it was no longer the best vehicle to take our product to market. It is acknowledged that the changing landscape regarding supply and demand dictates that a new path is needed for both the shareholders of the JV.
With the needs of our Australian shareholders at the forefront of our minds, the Board of Directors has decided to make a significant change to our structure. This change aims to ensure maximum long-term return through a strong and stable NIS Price, while best meeting our customer needs.
Marquis Marketing has become a wholly owned subsidiary of Marquis Macadamias Ltd. (Australia), as we have purchased all shares from our former South African Joint Venture partner. A new entity called Global Macadamias, operating independently from Marquis, will assume the responsibility for sales and marketing of South African origin macadamia products.
The new path forward is envisioned to enable us to continue extracting the benefits built into the JV, such as scale and fulfilment of large customer volumes. We continue to strive to ensure that the maximum value available for the uniquely Australian-quality product our shareholders grow is passed directly back to those shareholders.
This change will also enable our teams (Marquis Macadamias and Marquis Marketing) to come together under our united management. We firmly believe this new structure will provide the best return for our shareholders, better service for our customers, improved operational efficiency and new opportunities for our staff.
If you have any questions, please don’t hesitate to reach out to George Hagios or myself.