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June 2, 2010
Beijing Dabeinong to set up eight feedmills
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Feed manufacturer Beijing Dabeinong Technology Group Co. said it plans to set up eight feedmills with a combined capacity of 1.83 million tonnes, in order to meet rising market demand for high-end pig feed.
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Total investment will be RMB541.2 million (US$79.2 million), with the fund from its over-raised proceeds from an initial public offering, Dabeinong said in a statement to the Shenzhen Stock Exchange.
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Dabeinong raised a net RMB2 billion (US$0.3 billion) in an April initial public offering (IPO) by selling 60.8 million shares at RMB35 (US$5.10) each. It had initially planned to raise RMB471 million (US$69 million).
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The company's first-quarter net profit rose 5.1 percent to RMB79.2 million (US$11.6 million).
