Angel Yeast (SHA:600298) plans to establish a joint venture in Indonesia for 800 billion Indonesian rupiah with palm oil and sugarcane producer Indonesia Sanan, according to a Thursday disclosure on the Shanghai Stock Exchange.
The venture, Angel Yeast Budi Indonesia, will produce and sell food, food raw material and fertilizers.
The Chinese yeast producer will invest 640 billion rupiah and Indonesia Sanan will invest 160 billion in the capital of the venture.
After its establishment, the new Indonesian subsidiary will invest 76.6 billion rupiah to buy land for industrial purposes, the disclosure said.
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