The Board of Silver Fern Farms confirmed today that Shanghai Maling shareholders had endorsed the proposed 50/50 Partnership proposal with Silver Fern Farms.
Shanghai Maling shareholders voted 99% in favour of the proposal at a meeting of Shanghai Maling shareholders on October 30th.
Shanghai Maling is China’s leading meat processor. It is a listed company on the Shanghai Stock Exchange. Bright Food Group, a China-based food manufacturing company, holds a 38% stake in the company.
The remaining steps to completing the investment are obtaining regulatory approvals from both the New Zealand Overseas Investment Office and Chinese authorities, applications for which have now all been lodged.
It is expected the regulatory process could take between 6 and 9 months.