TIANJIN, April 13 2009 (FoodBizDaily)- China Agri-Industries Holdings Limited (SEHK: 0606) will bring into active operation a new grain and oil port logistics company in Tianjin, a port city in the northern part of the country. This step is sure to bring about major advancements for the company as it aims to work towards reinforcing its overall industrial chain of edible vegetable oil in a bid to compete on the same level with international giant players in this field.
An announcement to this effect was made by the company, which is Hong Kong-listed and run by Chinese state-owned conglomerate COFCO Ltd. The agreement was signed by the Tianjin-based unit with COFCO Ltd. and Tianjin Harbor Industrial Port Co., Ltd. This venture will initiate an overall investment of CNY 409.83 million.
The newly formed company is estimated to have registered a capital of CNY 260 million, which includes CNY 20 million from COFCO Ltd., CNY 136 million from the China Agri-Industries unit, and CNY 104 million from Tianjin Harbor Industrial.
The new logistics company, on the large part, is expected to mostly supply logistics and port services to the China Agri-Industries unit. According to reports, the China Agri-Industries unit planned to construct a protein feedstuff processing project in the Tianjin Harbor Industrial Park.
FoodBizDaily.com - Staff writer