Sharechat Logo

China Resources acquires 15.4% of Scales from Direct Capital for $55.9 mln

Tuesday 15th March 2016

Text too small?

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.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report