Ng Fung increases Murray Goulburn stake

Hong Kong-based China Resources Ng Fung has quietly increased its interest in Murray Goulburn, with this creeping over 6.1 per cent this month.

The Australian reports that the company, which owns food distribution, production, processing and trading operation, lifted its 5.1 per cent holding to 6.1 per cent between June 6 and 16.

Murray Goulburn shares bottomed out at 86 cents last month following the resignation of CEO Gary Helou after cutting net profit after tax forecasts and farmgate prices.

Ng Fung lifted its shareholding when prices were between $1 and $1.18.