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.


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