Ng Fung Hong buys stake

PUBLISHED : Tuesday, 20 May, 1997, 12:00am
UPDATED : Tuesday, 20 May, 1997, 12:00am

Red chip Ng Fung Hong has agreed to buy a 51 per cent stake in China International Fishery Corp, which operates a marine fishing project in West Africa, for about US$80 million.

The price represents a price-earnings multiple of about eight times.

The purchase signals the company's diversification into fishing and seafood processing from its core livestock and frozen food trading operation.