Family-owned Kailis Bros has sold 90 per cent of its seafood processing, wholesale and export business to a Chinese conglomerate, Legend Holdings.
The Australian firm's sources informed that the deal with the Chinese conglomerate -- best known for owning the world’s biggest personal computer maker, Lenovo, and the Motorola mobile business -- does not include Kailis Bros' Leederville restaurant and retail outlet or the Perth Fish Markets, which will remain owned by the family, ABC News reported.
"We have long-held ambitions to grow our Australian and international business and greater access to capital will assist with funding organic and inorganic growth opportunities,” pointed out Matthew Kailis, who was chief executive of the selling firm and will become group chief executive of KB Foods, the new venture with Legend.
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