Synlait Milk Ltd, a New Zealand dairy company planned a share sell off and an initial public offering to raise a total of NZ$120 million. This will end the majority stake held by China's Bright Dairy.The milk powder processor is owned by Bright Dairy, Mitsui & Co. and Synlait Ltd. It was seeking NZ$75 million worth of fresh capital.

Mitsui and Synlait Ltd offered a further NZ$45 million for debt payments and operations expansion.Shanghai's Bright Dairy held 51% stake in the firm since 2010. The company will not take part in the sell off as stated by Synlait Milk. The company added that the a dilution in Bright's shareholding will decrease its stake rought at 40% in the milk powder processing firm.

Synlait Milk is among local New Zealand companies that operates in China's US$12.4 billion milk formula market. The company has grown 12-fold since 2002.