Bright Dairy & Food Co.,Ltd completed the acquisition of 17.5% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd. from a group of sellers.
December 05, 2021
Share
Bright Dairy & Food Co.,Ltd (SHSE:600597) agreed to acquire 17.5% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd. from a group of sellers for approximately CNY 130 million on October 21, 2021. Bright Dairy & Food Co.,Ltd signed an agreement to acquire a 17.5% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd. from a group of sellers on November 19, 2021.. In a related transaction, Bright Dairy & Food Co.,Ltd agreed to acquire a 42.5 % stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd. from Huzhou Foxit Business Partnership (Limited Partnership) and Huzhou Chenfeng Business Partnership (Limited Partnership) for approximately CNY 490 million on October 21, 2021. As part of the transaction, Bright Dairy & Food will acquire a 5.18% stake from Xie Xianxing for CNY 37.4 million, 2.73% stake from Yang Hongxian for CNY 19.7 million, 0.78% stake from Wang Huijuan for CNY 5.7 million, 0.34% stake from Feng Tao for CNY 2.5 million, 2.67% stake from Shanghai Shanlan Investment Management Center (Limited Partnership) for CNY 19.3 million and 5.75% stake from Qinghai Ningda Venture Capital Co., Ltd. for CNY 41.5 million. After the completion of both acquisitions, Bright Dairy & Food will hold 60% of Qinghai Xiaoxiniu Biological and the remaining 40% will continue to held by Wang Weisheng. This acquisition has been reviewed and approved by the strategic committee, board of directors, and board of supervisors and there is no need to submit it to the of Bright Dairy & Food shareholders meeting for deliberation. The acquisition still needs to obtain an anti-monopoly license from the State Administration for Market Regulation. On November 18, 2021, State Administration for Market Supervision and Administration announced that the transaction will not be further review by anti monopoly authority.
Bright Dairy & Food Co.,Ltd (SHSE:600597) completed the acquisition of 17.5% stake in Qinghai Xiaoxiniu Biological Dairy Industry Co., Ltd. from a group of sellers on December 6, 2021.
Bright Dairy & Food Co Ltd is a China-based company principally engaged in the development, production and distribution of dairy products. The Company operates three segments. Liquid Milk segment produces and sells fresh milk, fresh yogurt, lactobacillus drinks, normal temperature yogurt, and other liquid milk products. Animal husbandry segment is engaged in raising and breeding of dairy cow. Other Dairy Products segment produces and sells milk powder for infants and middle-aged and old people, cheese, and butters, among others. The Company is also engaged in logistics and distribution businesses. The Company distributes its products within domestic markets and to overseas markets.