Sharechat Logo

Health concerns creates musical chairs at Natural Dairy

Thursday 30th September 2010 1 Comment

Text too small?

Hong Kong-listed investment company Natural Dairy, which recently scaled back its ambitions to invest in New Zealand, has lost two directors to ill health and gained a new chairman.

Chairman Yip Kean Mun and director Ng Chun Ming resigned effective last week, according to a statement to the Hong Kong stocks exchange.

Both claimed ill health and Yip also had other business commitments. 

Natural Dairy is the potential buyer of the 16 dairy farms owned by the Crafar family and up until recently had flagged a $1.5 billion spend-up on dairy assets in New Zealand.

That part of its plan was withdrawn to comply with Hong Kong listing rules. The Overseas Investment Office is currently assessing the transactions that would see the farms sold but in a further complication, the government has increased its powers to veto such deals and explicitly flagged its discomfort at the aggregation and sale of farmland to foreigners. 

Natural Dairy has named Wu Neng Kun, a 27-year-old law graduate from Fujian Normal University, as new chairman. Wu is Wu is the nephew of Jack Keen Chen, a director of various companies in the Natural Dairy group. The company also named Yao Hai Sheng, 41, and Zhang Han Wen, 26, as directors.

Yao has a background in sales and marketing and Zhang’s experience includes working as a part-time store manager at a branch of McDonalds in the UK for three years. He gained his qualifications in England. 

The company separately extended the time it will take to make a “very substantial acquisition” for a fifth time to June 30, 2011, from today.

  General Finance Advertising    

Comments from our readers

On 1 October 2010 at 10:17 am Jack said:
It is pretty clear that these people do not have the knowledge or experience to run/manage Farms/Production/Marketing for any of these operations--- and no doubt would end up a disaster for NZ.
Add your comment:
Your name:
Your email:
Not displayed to the public
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:

VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report
Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO