Midway Limited
MWY.AX
Australian Securities Exchange1.22
AUD
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Midway Limited
MWY.AX
(Australian Securities Exchange)
Recent
price
1.22
P/E
ratio
- -
div
yld
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ROIC.AI
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- Business
- Midway Limited Midway Limited (ASX:MWY) engages in the production, processing, marketing and export of woodfibre products to producers of pulp, paper, recyclable packaging, plastic replacement materials and coal-substituting energy generation, primarily in Australia, China, Japan and Southeast Asia. The company operates through Woodfibre, Plantation and Carbon Management, and Ancillary segments; it provides comprehensive plantation management services including silviculture, land selection, establishment, maintenance, harvesting, marketing and carbon abatement solutions generating emissions offsets for landowners, emitters and investors; it also purchases and sells third-party wood. Midway's woodfibre operations span five major port locations--Bell Bay in Tasmania, Portland and Geelong in Victoria, Brisbane in Queensland, and Melville Island in the Northern Territory--with key facilities including its Geelong head office and processing site (capacity up to 1.5 million green metric tonnes per annum), Queensland Commodity Exports (90% owned, capacity up to 600,000 GMT, supplying hardwood and softwood chips), South West Fibre (51% owned joint venture with Mitsui & Co., processing capacity 1.2 million GMT and export capacity up to 1.8 million GMT at Portland), Midway Tasmania (capacity up to 600,000 GMT of pulplog from native regrowth and plantations), and Plantation Management Partners on the Tiwi Islands (managing 30,000 hectares for 400,000 GMT acacia mangium exports); it further develops Midway Pongamia Farms near Townsville for oilseed production as sustainable renewable diesel feedstock. Founded in 1980 and headquartered in Geelong, Victoria, Midway processes and exports approximately 2.0 million metric tonnes of woodchips annually, manages around 52,000 hectares of plantations (including over 17,000 hectares of hardwood at Geelong), supports 380 employees and contractors across six Australian states and territories, and reported FY24 revenue of $274 million. In recent developments, Midway entered a Scheme Implementation Deed in November 2024 with RCM BidCo Pty Ltd (controlled by River Capital Pty Ltd funds) leading to the scheme's approval by shareholders in January 2025, court approval in February 2025 and full implementation on 18 February 2025, under which River Capital acquired all shares for AUD 1.19 per share (including a AUD 0.38 special dividend), resulting in Midway's delisting from the ASX and board changes with new directors James Craig and Joshua Ludski appointed; the company also partnered with Rio Tinto Ltd in 2024 for Pongamia seed farm development and management near Townsville to test biodiesel viability, engaging nurseries, agricultural experts and local communities.