UBNZ Funds Management, which is the latent buyer of the Crafar dairy farming kingdom, has acquired a 19.9% stake in Auckland-based biotechnology Company, Genesis Research and Development Corp.

Genesis could raise $446,278 from the group of shareholders represented by UBNZ via the placement of 7.4 million shares at 6c each, and expected to raise additional from them, Chief Executive Stephen Hall said.

UBNZ had proposed deals to Genesis concerning the investment, he said. Shareholder consent would be required if they took a bigger share of stake in Genesis, as they had stated regarding their wish.

UBNZ is a group of Chinese investors bidding to purchase $1.5 billion of New Zealand dairy farms, which comprise those from the failed Crafar farming operation.

It is fronted by contentious businesswoman, May Wang, who owes creditors $22 million from her unsuccessful property development Company.

Mr. Hall said that no problem was seen with May. She has clearly had her monetary difficulties in the preceding times, but she's an intelligent and smart person and is making a move forward.

The Company was also evaluating the potential of dairy industry product development and research, getting built on Genesis' work into immunology and inflammation.