Guoquan Food Boosts Stake in Shrimp Paste Maker to 51%

MT Newswires Live2024-09-27

Guoquan Food (Shanghai) (HKG:2517) will purchase an additional 41% stake in Beihai Daixiaji Food, a manufacturer of shrimp paste and other paste food products.

The company will acquire Hainan Free Trade Zone's 35.1% equity interest in the target for 210.6 million yuan and 5.9% of the target from Beihai Beixin Enterprise for 35.4 million yuan.

The home meal products company will fund the acquisition from its internal resources and proceeds from its initial public offering.

Upon deal completion, Guoquan Food's shareholding in the target will increase to 51% from 10%.

Beihai Daixiaji Food will then become an associate of the company, according to a Friday filing with the Hong Kong Exchange.

Price (HKD): $2.96, Change: $+0.13, Percent Change: +4.59%

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