Bright Food unit to buy 50% stake in Silver Fern Farms

Shanghai Maling Aquarius Co Ltd, a unit of the State-owned Bright Food Group Co Ltd, is acquiring a 50 percent stake in New Zealand's biggest meat cooperative for NZ$311 million ($197 million), as China looks to import more agricultural products to satiate demand from consumers.

Sheep and beef exporter Silver Fern Farms said on Tuesday that the stake sale will give it funds to repay debt and boost exports. Consequent to the deal, Shanghai Maling will become the top beef and lamb processor in China, with expected operating revenues of 25 billion yuan ($3.9 billion) to 30 billion yuan.