MUFG becomes substantial holder in Bega Cheese

Mitsubishi UFJ Financial Group, Inc. became a substantial holder in Bega Cheese Limited on December 9, 2025, with awareness of this event declared on December 11, 2025. The Japanese financial giant, through various entities including First Sentier Group Limited and Morgan Stanley, holds a total voting power of 5.01%. This translates to 15,305,843 fully paid ordinary shares.

The acquisition of relevant interests primarily stems from holdings by First Sentier Group Limited, where MUFG has a 100% voting power, contributing 14,824,772 fully paid ordinary shares. Additionally, Morgan Stanley, in which MUFG holds over 20% voting power, accounts for 481,071 fully paid ordinary shares. These interests were acquired through a series of on-market trades, collateral arrangements, and other transactions.

The consideration paid for these acquisitions was primarily in cash, with numerous transactions occurring throughout August, September, October, and November 2025. For example, a significant cash transaction on August 18, 2025, involved AUD204,531.23 for 38,809 shares. Collateral arrangements also played a role, with various dates showing acquisitions where no cash consideration was directly specified, indicating a collateral-based acquisition by an entity controlled by Morgan Stanley.