April 20, 2009

New Zealand-based seafood exporter Sanford Ltd said Thursday (Apr 16) it has reached an agreement in principle to increase its stake in a seafood processing plant in Weihai, China to 50 percent from 40 percent.

Sanford Ltd. and Korea's Dong Won Fisheries Co Ltd. have agreed to acquire minority stakes held by other shareholders in Weihai's Dong Won Food Co Ltd., taking each company's interest in the processing plant by 50 percent.

Sanford expects formal completion of the additional shares to be completed by the end of April at an approximate cost of NZ$2 million.

Sanford said in a release that the plant is an added-value seafood processing facility located in the export processing zone of the coastal city of Weihai located on the north eastern Shandong peninsula.

US$1 = NZ$1.764 (Apr 20)