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Dongfang Modern Agriculture Holding Group’s chairman buys stock

The chairman has increased his total holding to 233.2 million shares.
The company grows citrus fruits in China

Chinese agricultural producer, Dongfang Modern Agriculture Holding Group (ASX:DFM), has had its chairman, Hongwei Cai, purchase $245,000 worth of shares on-market.

Cai purchased 300,000 shares on-market during early May for an average price of circa $0.82.

Dongfang controls 19 plantations covering circa 9,800 hectares in China's premier fruit growing region, the Jiangxi Province.

It achieved its fifth consecutive year of record harvest production during 2016.

This resulted in normalised profit before tax being up 10% and a dividend of $0.05 per share being declared in 2016.

Demand for citrus and camellia fruits continues to increase in China, accounting for ~13% of total fruit production in 2016, and remains among the fastest growing fruit segments.

Whilst Dongfang is pleased with its strong operational and financial performance it continues to pursue growth opportunities such as strategic acquisitions.

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