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New Chinese Pig Farming Joint Venture Formed
17 July 2008CHINA - China Resources Enterprise (CRE) has announced that its wholly-owned subsidiary, Ng Fung Hong Limited, has merged with Henan Cereals, Oils & Foodstuffs Imp. & Exp. Group Corporation, Ltd. (HNCOF) in Henan Province with a registered capital of RMB350 million.
Under the agreement, Ng Fung Hong will contribute RMB245 million in cash for a 70% stake in the new venture.
HNCOF will make an asset injection of all its existing pig farming, feed processing and livestock trading businesses for the remaining 30% stake.
Immediately after the establishment, the joint venture will have an annual production capacity of 190,000 head of live pigs.
ThePigSite News Desk
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