Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Official Cash Rate Unchanged At 1 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment remains around its maximum sustainable level while inflation remains below the 2 percent target mid-point but within our target range... More>>

ALSO:

Food Prices: Avocados At Lowest Price In Almost Three Years

Avocados are at their cheapest average price since February 2017, with tomato, lettuce, and cucumber prices also falling, Stats NZ said today. More>>

Auckland Port Move: Cabinet Ministers Deliberate On Report

Cabinet ministers now have a copy of a report urging the government to move the Auckland port up north, but say no final decisions have been made. More>>

ALSO:

Toxicology Tests Planned: Dead Rats Washed Up On Beaches

As many as 600 rats washed up on Westport's North Beach over the weekend to the horror of locals. DOC said they may have been killed by a recent 1080 poison drop 140km away and washed down the Buller River after heavy rain battered the coast. More>>

ALSO: