SYDNEY — Hong Kong businessman Hui Wing Mau has purchased the majority stake in Australian meat processing company Bindaree Beef Group, the company said Friday.

Although the exact figure has not been disclosed, it is believed the 51 percent share of the business cost somewhere between A$100 and A$150 million ($79-120 million).

"The investor consortium has a successful investment track record and we are confident of their commitment to the growth of Bindaree business," Bindaree Beef Group founder JR McDonald said Friday in a statement after the transaction was approved by Australia's Foreign Investment Review Board a day earlier.

Hui's Archstone Investment Co, primarily a property development firm, is the controlling shareholder in Shimao Group which is listed in China's Hong Kong Special Administrative Region.

"The demand for beef in Southeast Asia and China over the next 15 years is significant, and the new joint venture has the combined expertise to leverage this opportunity," Archstone said in a statement.