Bright Food plans US$156m bond issue
By Jin Jing |
August 20, 2011, Saturday
|
Print Edition
Print Edition
BRIGHT Food Group Co yesterday announced it will raise 1 billion yuan (US$156 million) through a short-term bond sale next week after it agreed to buy Australia-based Manassen Foods.
The Shanghai-based food conglomerate said in a statement that about 700 million yuan of the proceeds would be used for increasing the operating capital of its affiliate Shanghai Tangjiu Group Co and the rest will be used to reduce bank debt.
The 336-day bonds will go on sale next Friday.
Bright Food also said yesterday that it has formed a strategic partnership with Manassen Foods and that it will buy a 75 percent stake in the company.
The deal will cost Bright Food A$400 million (US$415 million), according to a Reuters report, which cited unidentified sources.
The food group, which makes White Rabbit candy, has missed out on other overseas targets since last year, including the sugar business of CSR and French yogurt maker Yoplait.
Bright Food also made unsuccessful bids for United Biscuits and US vitamin products retailer GNC.
Bright Food Chairman Wang Zongnan said the company will stick to long-term investments in Australia.
"We hope to boost Manassen's export business through access to the rapidly growing Chinese market, and we could also introduce Bright products into Australia through Manassen's distribution network," he said.
According to media reports, the final agreement will be signed later this month.
The purchase is also subject to regulatory approvals in both China and Australia.
The Shanghai-based food conglomerate said in a statement that about 700 million yuan of the proceeds would be used for increasing the operating capital of its affiliate Shanghai Tangjiu Group Co and the rest will be used to reduce bank debt.
The 336-day bonds will go on sale next Friday.
Bright Food also said yesterday that it has formed a strategic partnership with Manassen Foods and that it will buy a 75 percent stake in the company.
The deal will cost Bright Food A$400 million (US$415 million), according to a Reuters report, which cited unidentified sources.
The food group, which makes White Rabbit candy, has missed out on other overseas targets since last year, including the sugar business of CSR and French yogurt maker Yoplait.
Bright Food also made unsuccessful bids for United Biscuits and US vitamin products retailer GNC.
Bright Food Chairman Wang Zongnan said the company will stick to long-term investments in Australia.
"We hope to boost Manassen's export business through access to the rapidly growing Chinese market, and we could also introduce Bright products into Australia through Manassen's distribution network," he said.
According to media reports, the final agreement will be signed later this month.
The purchase is also subject to regulatory approvals in both China and Australia.
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