New Zealand on Tuesday approved the sale of a 50 percent stake in meat processor Silver Fern Farms to Chinese food processor Shanghai Maling Aquarius for NZ$261 million ($190.84 million).
The Dunedin-based company had voted in October to allow Shanghai Maling, a unit of China’s Bright Food Group , to take a half-share in the firm. The deal had been delayed while they argued for approval from foreign investment regulators.
Minister for Land Information Louise Upston, who approved the deal after it received the go-ahead from the foreign investment watchdog, said in a statement it would “put the company in a better financial position and allow it to increase its exports”. ($1 = 1.3676 New Zealand dollars) (Reporting by Charlotte Greenfield; Editing by Stephen Coates).
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Source: Reuters.com
