Company’s largest shareholder gives no reason for sudden decision to exit business in which it invested over eight years ago
China Resources Enterprise (CRE) has sold a 15 per cent shareholding in Scales Corporation, New Zealand’s largest apple exporter and owner of Mr Apple and Fern Ridge Produce.
No explanation was given for the divestment, which was announced via a statement to the NZ Stock Exchange.
The news comes more than eight years after Hong Kong-based CRE purchased the stake for around NZ$56m, through investment group Craigs Investment Partners.
Earlier this month, Mr Apple completed the sale of two apple orchards in New Zealand to agri-investor Craigmore Sustainables, which has recently expanded its apple production portfolio in the country to almost 700ha.
