Brisbane Markets Ltd has struck a deal with the industry representative organisation, Brismark on the terms of a listing, subject to shareholder approval.

BML said the agreement would create options for the next stage of its growth after it bought the markets from the State Government in 2002. The industry, through Brismark, currently holds four “industry shares” in the company and each shareholder is allowed a seat on the board.

Those industry shares allow the holders to veto any resolution considered by a general meeting.

The current share structure prevents the listing of Brisbane Markets on the ASX and to do so the industry shares would have to be scrapped. In return, there was an option for Brismark to receive an unquantified number ordinary shares and the right to appoint two directors.

“Having this option is seen by the BML board, if supported by BML shareholders, as creating a significant opportunity for future growth as a specialised fresh produce market, warehousing and distribution facility,” BML chair Anthony Kelly said.

“What this will mean is that at some point in the future, if the various conditions relating to the arrangement are met and the BML Board resolves to proceed with a listing on the ASX, BML would be in a position to progress the necessary steps to apply to list on the ASX.”

The company reported a bottom line loss of $4.17 million for the December half after it was hit with a reduction in property valuations of $14 million. Its pre-tax operating profit was $7.9 million, which was down 6.4 per cent on the same period for 2021.