March 18, 2014

New Hope Group to open two feed mills in Russia

New Hope Group plans to invest RMB80 million (US$12.94 million) to open two feed mills in Moscow and Yekaterinburg, reported the financial site AAStocks.

New Hope Group has signed agreements with local authorities and is planning the construction of the feed mills, says the report.

According to the industry analyst cited by AAStocks, New Hope Groups has set its goal to increase its overseas business to account for 50% of total assets.

In August 2013, New Hope Group announced that the company would issue shares to raise RMB3 billion (US$485.08 million) to fund its overseas expansion.