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Hog farmer Guangdong Wen's to take stake in COFCO Capital
June 13, 2017 / 11:15 AM / 6 months ago

Hog farmer Guangdong Wen's to take stake in COFCO Capital

BEIJING, June 13 (Reuters) - China’s top pig farmer Guangdong Wen’s Foodstuff Group is planning to invest between 800 million yuan ($117.70 million) and 1 billion yuan in COFCO Capital, a subsidiary of Chinese agribusiness COFCO Group, the Guangdong company said in a statement on Tuesday.

State-owned COFCO said in April that COFCO Capital was seeking to raise 8 billion yuan, including 2 billion yuan from new shareholders, the statement said.

Guangdong Wen’s said its intention to invest in the banking and futures company had not yet been approved.

COFCO is currently restructuring its business as part of wide-ranging reforms of China’s state-owned companies.

Part of the overhaul includes introducing mixed ownership into its 18 subsidiaries and listing more of its divisions on public markets.

Wen’s reported a preliminary net profit of 11.8 billion yuan in 2016, up 89.7 percent on the prior year.

$1 = 6.7967 Chinese yuan renminbi Reporting by Dominique Patton. Editing by Jane Merriman

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