China’s leading fruit importer-distributor Golden Wing Mau (GWM) has acquired a 19.99 per cent stake in New Zealand-based T&G Global, making it the second largest shareholder in the company.
GWM purchased portions of Bartel Holding’s and Tiger Venture’s stakes in T&G for NZ$2.95 per share, for a total of NZ$38.82m for Bartel Holding’s 13.16m shares, and NZ$33.45m for Tiger Ventures’ 11.34m shares.
The total acquisition of NZ$72.27m in shares is an 18 per cent premium on the market value of NZ$61.3m, or NZ$2.50 per share as listed on 11 July, the day of the announcement.
The transaction is subject to Chinese regulatory approval and is expected to be settled by 15 September, with the Bartel and Tiger sales not proceeding without the other.
Germany’s BayWa continues to hold a 73 per cent share of T&G Global.