February 9, 2009

China Agri-Industries Holdings Ltd. said Friday (February 6) a unit of the company plans to form a joint venture with China's top domestic grains trader COFCO Ltd. to provide storage services to its unit.

China Agri-Industries said in a statement its unit East Ocean will hold 71.74 percent of the JV, with the rest to be held by COFCO.

The total investment of the JV will be RMB336 million, of which RMB241 million will be contributed by East Ocean.