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)