Chinese fruit exporter Golden Wing Mau Agricultural Produce has acquired 19.99% stake in New Zealand fruit and vegetable group Turners & Growers (T&G) Global.
Golden Wing Mau paid NZD2.95 a share to purchase 13.16 million shares from Bartel Holdings and 11.34 million shares from Tiger Ventures NZ.
While the stake sale will make Golden Wing Mau the second largest shareholder in T&G, Germany's BayWa still owns a controlling stake of nearly 73%.
The transaction is subject to Chinese regulatory approvals and is expected to be completed on or prior to 15 September 2016.
Following the completion of the agreement, Tiger Ventures NZ will hold 1.02 million shares in TGG and will file a disclosure of ceasing to have a substantial holding in TGG’s quoted securities.
T&G currently produces its fruit products in over 12 locations around the globe including pipfruit, grapes, citrus, kiwifruit and covered crops, according to the company’s website.
The company has storage facilities spread across over 41,000m2 and a fleet of 55 trucks that deliver produce from the grower to the pack-house.
In December last year, Golden Wing Mau merged with Joyvio Group to form China’s largest fruit company with the overall sales turnover of RMB5bn.
Legend Holdings senior VP & Joyvio Group president Chen Shaopeng said: “China’s fruit industry will enter a new stage with upgraded industrial chain, globalized presence and scaled development. Based on the common industrial philosophy and vision, years of cooperation, trust and appreciation, Joyvio Group and GWM Group unite together.
“It is fair to say that his strategic merger seizes the momentum. The new merged company is committed to becoming a fruit company with global influence and providing more safe, quality and flavorsome fruits to customers.”
