December 3, 2007

Chinese company buys controlling stakes in Singapore poultry companies

China Medical and Bio Science announced its move to acquire 70 percent in each of Singapore's Chew's Agriculture and KSB Group.

The deal was at US$6 million and US$8.6 million respectively. The Chinese group will finance US$10 million by cash and US$4 million by the issuance of US$5.2 million consideration shares at US$0.10 apiece.

Chew's Agriculture has a full fledge layer farm spanning an area on 20 hectares and produces 100 million chicken eggs each year for local consumption. The company has developed a series of designer eggs approved by the Singapore Health Promotion Board. 

KSB owns a 93,000 square feed chicken processing and slaughtering plant in Singapore.

China Medical and Bio Science Limited, an investment holding company, engages in the production, development, and distribution of veterinary drugs and animal feed supplements primarily in Hong Kong, Malaysia, and China.