Guangdong Tannery has agreed to buy a fur company from parent Guangdong Enterprises (Holdings) for C$2.19 million (about HK$11.87 million). It said the acquisition of Guangdong Enterprises (North America) Fur Holdings would help it penetrate the leather garment industry and expand its United States distribution network. The company will buy the entire issued share capital and a shareholder loan of $2.03 million in Guangdong Enterprises (North America) Fur Holdings. The main asset of the acquired company is a 33.3 per cent interest in Hennessy International Group, which is primarily engaged in wholesaling and retailing of leather, fur and other outerwear. Guangdong Tannery will fund the purchase through internal resources.