Beijing Sanyuan Finance CNY1bn More to Buy Sanlu
BJSFF | Quote | Chart | News | PowerRating -- Beijing Sanyuan Foods Co., Ltd. (SHSE: 600429), a company emerges from the melamine-tainted milk power scandal, said on November 17 that it had raised as much as CNY 1 billion by issuing shares to its parent company Beijing Capital Agribusiness Group, which will be used to purchase more assets of Sanlu Group and extend its reach nationwide.
Along with its parent company, Beijing Sanyuan has made three purchases of Sanlu assets after the latter went bankrupt after the scandal.
It first spent CNY 616.5 million buying Sanlu core assets in this March, CNY 49 million for a 95% stake in Sanlu's branch in Shandong Province in April, and all assets of Sanlu Tanshan in November. Beijing Sanyuan says the new proceeds will go toward purchasing some assets of Sanlu Group.
Before taking over Sanlu Group, Beijing Sanyuan used to be specialized in production of fluid milk and low-temperature liquid milk. The purchase of Sanlu assets gives it entr?e to the milk power market.
Source: www.163.com (November 18, 2009)
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