April 23, 2015

 

COFCO aims to be listed, chairman says
 
 


Chinese grain company, COFCO, is seeking to get listed on the stock exchange in three to five years, a goal that would help to position it as an international agricultural trader, said COFCO's chairman, Gaoning Ning, during the Financial Times Global Summit in Lausanne, Switzerland.

 

He emphasised for the company to be "global" instead of just being a Chinese organisation.

 

Through its joint ventures with Noble Group and Nidera, the company had spent US$2.8 billion in 2014. Ultimately, COFCO plans to list all its agricultural assets together with those of Noble and Nidera, on par with the "ABCD" companies, namely ADM, Bunge, Cargill and Louis Dreyfus.

 

"After the integration with Noble Agri. I think COFCO will invest again in other companies," Ning added. He also urged China to reevaluate its self-sufficiency policy, pointing to high local production costs for crops.

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