China Food Company PLC Update on sale of Animal Feed business (7216T)
November 25 2013 - 1:00AM
UK Regulatory
TIDMCFC
RNS Number : 7216T
China Food Company PLC
25 November 2013
Press Release 25 November 2013
China Food Company Plc
("China Food", "Group" or the "Company")
Update on sale of Animal Feed business
China Food Company Plc (AIM:CFC), a leading Chinese manufacturer
of cooking and dipping sauces, today provides an update on the sale
of its animal feed business.
As previously announced, the Board has appointed PwC Beijing to
manage the sale of this business. Following the initial teaser
documents that were distributed, the Group is pleased to announce
that a detailed Information Memorandum and financial projections
have now been sent to those parties who have already expressed
interest.
PwC Beijing is in contact with potential investors both in China
and internationally, and the Board is pleased to be entering into
the next phase of the process.
Operationally, the feed business continues to show growth in
sales and is making a positive contribution to the Group. The Board
looks forward to providing a further update on the progress of the
sale of this business as appropriate, and is pleased to confirm
that that the process is on track with the timing that has been
outlined previously, with the sale expecting to conclude by summer
2014.
- Ends -
For further information:
China Food Company Plc
John McLean, Chairman Tel: +44 (0) 7768 031 454
www.chinafoodcompany.com
finnCap
Geoff Nash / Ben Thompson (Corporate Tel: +44 (0) 20 7220
Finance) 0500
Simon Starr (Broking)
Numis Securities
David Poutney (Joint Broker) Tel: +44 (0) 20 7260
1000
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Joanne Shears Tel: +44 (0) 20 7398
7702
henry.ht@abchurch-group.com www.abchurch-group.com
Notes to Editors:
China Food is a well-established food manufacturing business
based in Shandong province in the People's Republic of China, a
region with a population of circa 94 million. A recent report
identified Shandong province as one of the five most attractive
'city clusters' in China, due to the high number of large cities in
the province*. The Group manufactures numerous different product
lines including soya sauce and bean paste, all targeting the
Chinese domestic market, and sold through a network of distributors
and outlets of supermarket chains in the north-eastern region of
the PRC, such as Walmart, Carrefour and Jialejia.
The Chinese sauces, dressings and condiments market is expected
to be worth CNY115 billion (US$15 billion) by 2013, driven by
Chinese population growth and economic prosperity. The Chinese
domestic market is rapidly expanding, and the Group is well
positioned to benefit from China's demographic growth and increased
urbanisation.
The Group's operations are highly scalable and able to support
further growth, and with net assets of GBP32 million (as at 30 June
2013), the prospects for China Food are strong. Further information
on China Food Company can be found at www.chinafoodcompany.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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