Chinatex Corporation Acquired Guangdong Fuhong Group
On November 7th, 2009 it was recognized from the Department of economic and trade of Zhanjiang, Guangdong that, China Textile Import and Export Oil Co., Limited (referred to as " Chinatex") on the morning of November 6th acquired all equities of the indebted Guangdong Fuhong Group for RMB 366 million, marking the official entry into the corporation.
An official of the Department of Economic and Trade of Zhanjiang noted that in the late July, Chinatex acquired 70% equities of Zhanjiang Huanong Corporation. Until recently Chinatex acquired two corporations of bean processing in Zhenjiang.
It is understood that the Guangdong Fuhong Group was built on May 1st, 2003 with the fixed assets investment of RMB 200 million, the planned daily processing capacity of 3000 tons of beans, the annual processing of 100 million tons of beans and the annual value of around RMB 3 billion. The major products include soybean oils of one or two grade, salad oils, blended oils, high protein soybean meal, ordinary protein soybean meal and lecithin.
China Textile, Grain and Oil Corporation is a wholly owned subsidiary directly under the Chinatex of SASAC. Currently, the production of the company ranks fourth in the industry. After the two acquisitions in Zhanjiang and the operation of the soybean processing project by Shandong Rizhao in 2010, the company will become the third largest corporation of grain and oil industry in China.
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