November 11, 2014

Bright Food plans IPO for Weetabix and Manassen by 2016

Shanghai-based Bright Food Group is planning to list two of its earlier acquisitions, namely British cereal marker Weetabix and Australia's Manassen Foods by 2016, said Ge Junjie, Bright's vice president, in a news briefing last week.

Although Ge declined to comment on the amount they plan to raise, he cited that the company is considering listing both units in Hong Kong, and London for the share sale of Weetabix and the Australian stock market for Manassen. The company will most likely still be retaining a majority stake in both units after the IPOs. 

The share sale will give Bright Food the additional financial resources required to further expand its business and fund future acquisitions as such acquisitions are instrumental for the company to become an international player, he added.