China Mengniu Dairy announces 2 strategic investors
Published: 06 Jul 2009 02:11:06 PSTJul. 6, 2009 (China Knowledge) - Two Chinese entities China National Cereals, Oils & Foodstuffs Import and Export Corp (COFCO Group) and private equity (PE) fund Hopu Investment Management Co China will reportedly invest around US$780 million for a 20% stake in China Mengniu Dairy Co<2319>, the nation's biggest dairy product maker. The consortium will become the largest shareholder of the dairy maker. The stake sale is in conformance with the dairy maker's plan to introduce strategic investors, according to the market sources. Shares of China Mengniu Dairy were suspended from trading on Monday morning. The dairy maker posted a net loss of RMB 948.6 million, or RMB 0.639 per share last year, due to the negative impact of the tainted milk scandal in China. However, the firm's revenue was about RMB 23.87 billion in 2008, up 11.9% year on year. Copyright © 2009 www.chinaknowledge.com |
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