Jiamei Food Packaging's Control to Change in Parent's Sale of Entire Equity for 1.24 Billion Yuan; Shares Up 10%

MT Newswires Live12-18 14:21

Control over Jiamei Food Packaging (Chuzhou) (SHE:002969) will change after its controlling shareholder, China Food Packaging (Hong Kong) agreed to sell its entire 29.9% of its equity in the company for a consideration of 1.24 billion yuan, according to a Shenzhen bourse filing on Thursday.

Suzhou Zhuyue Hongzhi Technology Development Partnership (Limited Partnership) will acquire the stake, which represented nearly 279.3 million shares, was sold for 4.45 yuan per share.

After the completion of the transaction, Zhuyue Hongzhi will become the controlling shareholder of the Chinese food company.

The food production company's shares soared 10% during the afternoon trade.

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