Shares in Bubs Australia surged after the premium infant formula and baby food maker announced a distribution deal in China to double sales.
A short time ago, its shares were up more than 10% to $0.845.
The deal with New Times Asia comes with a commitment for purchase orders valued at $17 million in 2019, increasing to $24 million in 2020 and $37 million in 2021.
“The agreement with New Times Asia is a major step forward in our China expansion strategy, and shows the investment we have been making and continue to make in building our China presence is bearing fruit,” says Kristy Carr, Founder Managing Director of Bubs Australia.
New Times Asia is a service provider specialising in e-commerce sales and fulfilment in China servicing all major and second tier e-commerce platforms.