Confident Sanford buys ship, shares

Sanford is investing $2 million to up its stake in a plant processing New Zealand fish in China and is purchasing a second hand trawler for $3 million.

Sanford said the purchase of the 22m vessel was its first step to show confidence in the future of New Zealand's inshore fishery.

The company is also moving to 50 per cent joint venture status, with Dong Won Fisheries Co of Korea, in a processing plant in Weihai, a city on China's northeastern Shandong peninsula.