September 28, 2007

China's Niumama ties up with Australia's SCE Group

According to a Sep-24 statement issued by Ulan Chabu Development and Reform Commission, Inner Mongolian dairy company Niumama had concluded a strategic cooperation agreement with Australia's SCE Group.

Under the agreement, the Australian company will inject US$35 million into the Chinese dairy company. Niumama aims to obtain listing status in three years' time in an overseas' bourse.

Niumama was established in 2000. In the past three years, the company had registered an annual growth rate of 50 percent.

RMB1=US$0.1331 (Sep 28)