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Leading Chinese agricultural company Dongfang Modern Agriculture Holding Group Limited ("Dongfang") (ASXFM) welcomes new strategic investor Mr. Hung Cheung to the Company's register.
Mr. Hung Cheung is a Hong-Kong based tycoon with over 20 years of experience in investment markets. He is the Executive Director and Chairman of Rui Kang Pharmaceutical Group Investments Limited (HKEX: 8037) and the President of Yan Oi Tong Limited, a charity organization in Hong Kong.
To facilitate Mr. Hung Cheung's entry to the register, Dongfang's major shareholder and chairman Hongwei Cai has sold 7 million shares on 13 September in an off-market transaction at $1.01 per share, the closing price. In addition, Mr. Hung Cheung has stated his intention to increase this stake, and has also purchased Dongfang shares.
Commenting on the transaction, Dongfang's CEO Mr Charles So said: "We are excited to have Mr. Hung Cheung invest in our company, and value his strong support.
"The Company is now in the midst of harvest season, and we expect to surpass last year's record output of 240,000 tonnes of fruit products. We look forward to reporting on a strong financial performance in the year ahead."
Dongfang controls plantations spanning in excess of 9,800 hectares, all located in China's premier citrus fruit district, the Ganzhou City district of Jiangxi Province.
DFM Price at posting:
$1.02 Sentiment: Buy Disclosure: Held
FM) welcomes new strategic investor Mr. Hung Cheung to the Company's register.
