Silver Fern Farms and Shanghai Maling confirm the in-principle agreement to extend the transaction dates and the timeline for obtaining OIO approval, as announced in July, has been approved by their respective Boards.

The revised date for obtaining the only remaining condition, OIO approval, is confirmed as 30 September 2016 with a completion date of 4 January 2017 to align with the new financial year for the company.

The extension ensures there is sufficient time for the OIO and then Ministers to consider the application for Shanghai Maling’s $261m investment in Silver Ferns Farms.

Earlier this month Silver Fern Farms Shareholders again voted strongly in favour for the 50:50 partnership to proceed, with 80.4% of votes in favour of the investment.