16 Mar 2016

Apple exporter gets new China-based shareholder

9:40 am on 16 March 2016

Chinese interests have bought a 15.4 percent stake in apple grower exporter Scales Corporation.

Chinese state-owned enterprise China Resources, which is based in Hong Kong, has bought 21.5 million shares at $2.60 each, worth nearly $56 million, from private equity company Direct Capital Investments.

Scales managing director Andy Borland said the investment should help the company develop and increase its share of the Chinese market.

It would also provide the company with another secure investor, he said.

Direct Capital has retained a 2.6 percent stake in Scales, which listed on the sharemarket in 2014.

Scales' shareprice closed at a record $2.67 after the deal.

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