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 12% to a price of $2.80 on March 16 and have soared 85% 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.
