Hong Kong-based China Resources Ng Fung has acquired a 15.3% stake in Scales Corporation, New Zealand’s top apple exporter, from Direct Capital Investments for $56 million, according to NBR. The Chinese state-owned interest bought 21.5 million shares in Scales at $2.60 per share, and will reportedly provide another investor, reports RNZ.

 

In February, Scales, which also has a logistics and storage business, and a food ingredient business, announced that it doubled its annual profit, reaching $38.9 million, through the sale of sweeter apple varieties that are in high demand across Asia and the Middle East. Through this deal, Scales can gain support from China Resources to expand its business in China, according to Fresh Plaza.

 

Since the announcement of the deal, Scales’ share value climbed 5.2% to $2.63 per share, after rising 80% over the past twelve months. Direct Capital has retained a 2.6% stake in Scales.

 

The transaction is scheduled to close on March 21.