Bright Food (Group) Co Agrees to buy 30% stake
July 31, 2009, Friday
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Print Edition
Print Edition
BRIGHT Food (Group) Co has agreed to buy 30 percent stake in Shanghai-listed unit Bright Dairy and Food Co for 1.55 billion yuan (US$227 million).
The food giant will buy 314 million shares of Shanghai Bright Dairy at 4.93 yuan each from S.I. Food Products Holdings Ltd, the second-largest shareholder of the Shanghai-listed unit. S.I. Food sold the stake because it wants to focus on its core business.
The equity transfer will make Shanghai Bright Dairy become a wholly owned unit of Bright Food, which already holds a further 35 percent shareholding through its subsidiary Shanghai Dairy Group.
The food giant will buy 314 million shares of Shanghai Bright Dairy at 4.93 yuan each from S.I. Food Products Holdings Ltd, the second-largest shareholder of the Shanghai-listed unit. S.I. Food sold the stake because it wants to focus on its core business.
The equity transfer will make Shanghai Bright Dairy become a wholly owned unit of Bright Food, which already holds a further 35 percent shareholding through its subsidiary Shanghai Dairy Group.
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