Natural Dairy (NZ) Holdings Ltd. has entered an agreement to buy assets including farm land, livestock and milk powder production plants in New Zealand for NZ$1.5 billion ($1.1 billion).

The acquisition, which is worth more than seven times Natural Dairy's market value, will be paid for partly in cash and partly through the issue of convertible bonds, the company said in a statement to the Hong Kong stock exchange without giving further details. Trading in the shares was halted on February 12 and will remain suspended, the company said.

Natural Dairy, which changed its name from China Jin Hui Mining Corp. in December, reported a loss of HKD4.34 million (US$559,000) with sales of HKD2.3 million (US$296,000) for the six months ended September.

The company's stock had surged more than fivefold in the year to February 11, the last day it was traded before it was halted.