The Board of Silver Fern Farms has confirmed that Shanghai Maling shareholders had endorsed the proposed 50/50 partnership proposal with Silver Fern Farms.
Shanghai Maling shareholders voted 99 percent in favour of the proposal at a meeting of Shanghai Maling shareholders on 30 October.
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 percent 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 six and nine months.