Shanghai-registered Bright Dairy and Food has confirmed an $82 million investment in Canterbury milk processor Synlait, which represents a 51% share.
Synlait CEO, John Penno, says it's an important step forward for both the company and New Zealand's dairy industry, doubling production at Synlait's Dunsandel site near Christchurch.
He says the relationship is already providing benefits through access to markets in China, particularly on the eastern seaboard.
In July, Bright Dairy & Food announced it will spend NZD$82 million, or RMB382 million, for a 51% stake in Synlait Milk, adding it also plans to list the New Zealand firm in three to five years upon the completion of the deal.
Source: NZ Herald & hktd.com