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Highlights:
- Coles will be leading the Bovaer trial in feedlot cattle with Mort & Co.
- The company's shares were spotted trading 0.72% up at AU$16.18 apiece at 10:14 AM AEST today (15 September).
- In the last five years, Coles’ share price has gained 31%.
Share of Coles Group Limited (ASX:COL) opened up on a positive note on Thursday (15 September 2022) and at 10:49 AM AEST, Coles’ share price was up by 0.60% to trade at AU$16.79 per share.
Meanwhile, ASX 200 was 0.39% higher from its previous close to 6,855.00 points (at 11:04 AM AEST). The benchmark index, ASX 200 Consumer Discretionary (INDEXASX:XDJ) was down by 0.42% to 2,825.60 points at the same time.
Over the past one month, Coles’ share price has dropped 10.23%. On a year-to-date basis, it has declined by nearly 6%. The share price has surged 31.15% in the last five years.
What’s happening in Coles lately?
On 14 September 2022, Australian retail giant, Coles shared that it is leading an Australian trial that would keep a check on the methane emissions from beef cattle. Under the trial, the effectiveness of feed supplement- Bovaer in reducing methane emission in feedlot cattle would be tested.
For the trial, Coles has partnered with Mort & Co Grassdale Feedlot, Queensland and the developer of Bovaer, DSM.
International studies have shown that Bovaer reduces methane emissions. However, this trial would be Australia's first large-scale and real-world trial.
Reportedly, nine thousand eight hundred cattle will be part of the trial.
Commercial & Express Leah Weckert, Coles chief executive, said that the trial would provide data regarding how to reduce emissions in the supply chain.
Stephen O’Brien, CEO, Mort & Co, commented on the development that:
He added that the livestock and red meat industry of Australia aims to be carbon neutral by 2030, and Coles and Mort & Co might lead the way.
Change in Coles’ board
On 12 September 2022, Coles announced that it has appointed Terry Bowen and Scott Price as non-executive directors to Coles’ board.
As per the announcement, Bowen serves on the board of Transurban Group and BHP Group Limited. He carries a wealth of financial and commercial experience; he was financial director at Coles and Wesfarmers.
Price carries over 30 years of experience in logistics, retailing and FMCG. He held various senior leadership roles. For instance, recently, Price served as President International of UPS Inc. he was also part of Walmart, Coca-Cola and DHL Express.
Both Price and Bowen would take up the role of non-executive directors from 1 October 2022.
