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Crafar farms sold to Hong Kong dairy investor
Hong Kong’s Natural Dairy NZ snaps up Crafar farms
March 24 (BusinessWire) – Hong Kong-based Natural Dairy NZ Holdings says it will buy the Crafar family’s farms in a $1.5 billion buy-up of land, stock and milk production plants as it ramps up a bid to enter New Zealand’s dairy sector.
The company that recently changed its name from China Jin Hui Mining Corp. entered into an agreement on Feb. 11 to buy UBNZ Assets Holdings, including the 22 Crafar family farms, according to a Bloomberg report.
The deal will be settled through a cash convertible bond issue, though no further details were given regarding the details, the company said in a statement to the Hong Kong Stock Exchange.
The deal is for the “purpose of conducting dairy business in New Zealand,” the company said.
In October, Crafar Farms was put into receivership by banks owed about $200 million amid a Ministry of Agriculture and Forestry investigation over animal welfare lapses.
(BusinessWire) 14:44:19
Alastair Thompson
Scoop Publisher
Alastair Thompson is the co-founder of Scoop. He is of Scottish and Irish extraction and from Wellington, New Zealand. Alastair has 24 years experience in the media, at the Dominion, National Business Review, North & South magazine, Straight Furrow newspaper and online since 1997. He is the winner of several journalism awards for business and investigative work.
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