China's Golden Wing Mau buys 19.99% of T&G Global

Monday 11th July 2016

Chinese fruit exporter Golden Wing Mau Agricultural Produce has built up a 19.99 percent stake in T&G Global, paying an 18 percent premium to make it the second biggest shareholder in the local company.

Golden Wing paid $2.95 a share for 13.2 million shares from Bartel Holdings, the vehicle of former managing director Michael Dossor, who died earlier this year, and the same price for 11.3 million shares from Tiger Ventures NZ, which was used to house Scales Corp's stake in T&G and is largely owned by private equity firm Direct Capital. The Chinese company's $72.2 million acquisition of shares is above the market value of $61.3 million, or $2.50 a share.

Fruit exporter T&G is still controlled by Germany's BayWa, which owns about 73 percent of the company and is bedding in a number of acquisitions from recent years.

The transaction is subject to Chinese regulatory approvals and is expected to settle on or before Sept. 15.

Golden Wing Mau merged with Joyvio Group in December last year to create China's biggest integrated fresh fruit business, with annual sales of 5 billion Chinese yuan.

First NZ Capital acted for the Chinese company.

BusinessDesk.co.nz

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