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China Resources buys stake in NZ's biggest apple exporter
By Jonathan Underhill March 15
(BusinessDesk) - China Resources Ng Fung has acquired 15.3
percent of Scales Corp, New Zealand's biggest apple
exporter, for about $55.9 million from Direct Capital
Investments. The Hong Kong-based company today entered
into an arrangement to buy the shares at $2.60 apiece, with
settlement on about March 21. Scales said it welcomed China
Resources "as a significant minority shareholder, and as a
party who can provide support to Scales in its ongoing
initiatives in China." Scales shares rose 7.6 percent to
$2.69 and have soared 80 percent in the past 12 months. Last
month the Christchurch-based company reported that 2015
profit more than doubled to $38.9 million on increased sales
of higher-value apples to markets in the Middle East and
Asia. China Resources Ng Fung is part of a global
integrated food group that spans rice production, food
research and development, production, processing, wholesale,
retail, transportation, and international trade, according
to its website.
(BusinessDesk)
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