Bright Dairy eyes Tnuva stake via new shares
Print Edition
BRIGHT Dairy & Food Co yesterday said it’s raising up to 9 billion yuan (US$1.45 billion) to buy a 77 percent stake of Israeli food company Tnuva from its parent Bright Food Group to introduce strategic investors.
The Shanghai-based company is issuing up to 559 million new shares at 16.10 yuan each, and subscribers to the new shares include institutional investors such as SAIC Motor Corp’s investment unit Yiming Commercial Group, Lenovo’s investment arm Hony Capital and Citic Group’s investment fund. Bright Food Group will still remain the majority shareholder after the private placement.
Bright Dairy said the move is to introduce strategic partners to lay the foundation for its future expansion, according to a stock exchange filing.
About 6.87 billion yuan of the proceeds will be used to buy Bright Food’s stake in Tnuva.
Shares of Bright Dairy surged by the daily limit of 10 percent to 21.50 yuan yesterday as trading resumed after a suspension since March 9.
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