COFCO Joycome Foods (HKG:1610) agreed to acquire COFCO Jiahua from COFCO Industry Investment for 1.57 billion yuan.
COFCO Jiahua owns COFCO Feed, a producer and seller of animal nutrition solutions and products such as pig feed, ruminant feed, poultry feed, aquatic feed, and premix.
COFCO Joycome, the meat-producing arm of Chinese food conglomerate COFCO, said the acquisition would improve its value chain, reduce breeding costs, and optimize business structure, according to a Monday filing with the Hong Kong Exchange.
In the same disclosure, COFCO Joycome said it renewed service agreements with certain affiliates to support its operational activities over the next three years.
The agreements include mutual supply, financial services, property leasing and management, and administrative services.
The company also renewed its lease for office premises at the COFCO Fortune Plaza in Beijing and its lease for buildings, equipment, and vehicles used in feed production operations.
Price (HKD): $1.53, Change: $+0.020, Percent Change: +1.32%
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