Harmony Agriculture and Food out of liquidation, producing Wagyu beef for export

A recapitalised Wagyu beef producer Harmony Agriculture and Food Company is back trading unencumbered by threat of liquidation after paying out National Australia Bank last week.

The repayment of about $21 million to NAB and the receivers it appointed to protect its interests after HAFC was placed in liquidation in August, 2019, was completed last Friday to the satisfaction of the Federal Court.

Merricks Capital is the new financial backer of the Harmony group but its major Chinese shareholder, Wenfeng Wang, has also made a $28-million capital injection during 2020 to get the company back on a sound financial footing.

The Harmony group feed about 17,000 Wagyu cattle in feedlots it owns in Dimboola and Kalannie, Western Australia, plus at JHW Paterson & Son’s Hell’s Gate feedlot near Balranald.

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Written by Peter Hemphill