Sichuan Yahua Industrial Group Co Ltd, a leading manufacturer of industrial explosives, has announced that it will acquire a 70 percent stake in a New Zealand group with similar business portfolio.

Yahua, in tandem with Shenzhen King Explorer Science & Technology Co Ltd, will buy up to 80 percent of shares in RedBull Powder Co Ltd and RedBull Mining Services Ltd, according to a filing to the Shenzhen Stock Exchange on Thursday night.

The target companies manufacture a range of explosives products in New Zealand and provide comprehensive drilling and blasting services to quarries, mines and construction projects.

In the fiscal year ended on March 31, sales for RedBull Powder reached NZ$10.8 million ($9.12 million), with net profit reaching NZ$1.08 million.