Mar. 25, 2010 (China Knowledge) - Natural Dairy (NZ) Holdings Ltd<0462> has inked an agreement to buy a farm, livestock and a powdered milk plant in New Zealand for US$1.1 billion, according to a statement filed with the Hong Kong Stock Exchange.

The purchaser will pay for the assets partly in cash and partly by issuing convertible bonds.

During the period from April to September last year, Natural Dairy (NZ) Holdings reaped HK$2.3 million in sales revenue but suffered a net loss of HK$4.34 million. As of Sep. 30, 2009, the firm had HK$12.1 million in cash and cash equivalents.

Reportedly, Chen Liehan, an executive director of Natural Dairy (NZ) Holdings, has been appointed vice president.