Shanghai Maling shareholders have overwhelmingly endorsed the proposed joint venture with Silver Fern Farms.
Shareholders recently voted 99% in favour of the proposal which will see the Chinese company inject $261 million into Dunedin-based Silver Fern Farms.
Such strong support did not come as a surprise, given the vote appeared a formality with state-owned food giant Bright Food Group, which has a 38% stake in the company, having earlier written a letter of support.
Silver Fern Farms shareholders last month voted in favour of selling a 50% stake in their company to Shanghai Maling.
Regulatory approval was now required from both the New Zealand Overseas Investment Office and Chinese authorities.
Applications for both have now been lodged and Silver Fern Farms expected the regulatory process could take between six and nine months.
Last month, chief executive Dean Hamilton said he expected the big considerations of the OIO process to be around employment and economic value.
He was confident the company would expand its workforce, and increased sales of added-value products would be reflected in higher farmgate prices, so the value would remain in New Zealand.
If the transaction goes ahead, Silver Fern Farms would next year be debt-free and have at least $50 million in cash.
