According to a recent report, Natural Dairy has substantiated that it has filed an application with the Overseas Investment Office in order to secure the Crafar portfolio of farms.
Natural Dairy is a Hong Kong-registered Company and this is its second application after its first one was rejected.
The transaction, considered to be worth $210 million, was earlier accepted by Crafar dairy farm receivers Korda Mentha and is now subject to approval by OIO.
A businesswoman from Auckland, May Wang owns 80% of the shares of UBNZ, which is a New Zealand-registered company. Natural Dairy has 20% shares in it.
Natural Dairy has again expressed its desire of building a vertically integrated dairy Company. The Company had revealed in a previous statement that it has a plan of investing $1.5 billion in a deal with UBNZ.
Vice Chairman of Natural Dairy, Graham Chin disclosed in a statement that as an evidence of Company’s dedication, it has negotiated a deal to manufacture and export 150 million packs of UHT milk. This will be made possible by a processing operation in New Zealand along with utilization of Fonterra-supplied milk.
Mr. Chin disclosed that the firm is hopeful that the Overseas Investment Office will follow a reasonable and suitable process as New Zealand will have considerable benefit from the deal.