In a statement posted on the Hong Kong Stock Exchange website, Guangdong-based Yashili revealed that the New Zealand Overseas Investment Office (OIONZ) had approved its January 2013 investment proposal.
“The Board is pleased to announce that the OIONZ has granted consent on 28 March 2013 to the investment in significant business assets, being the establishment of a business in New Zealand (where the total expenditure required before commencing the business exceeds NZ$100m), to be made by Yashili New Zealand,” said the statement.
The company announced in earlier this year that it intended to invest around RMB 1.1bn to establish the 50,000 tonnes per annum processing facility in New Zealand. Yashili hopes to have the facility ready and operational in the second half of 2014.