June 2, 2009

 

China's New Hope Group to invest RMB100 million in Kunming's dairy industry

 
 

China's New Hope Group, the country's largest animal feed producer, plans to invest RMB100 million in Kunming's dairy industry, according to Liu Yonghao, the Group's chairman.

 

Liu said the company will invest over RMB40 million in Kunming Xuelan Dairy and another RMB50 million to build a modern ranch for feeding 3,000 cattle in Shilin County in Yunnan.

 

New Hope Dairy Holding Co Ltd, a fully-owned subsidiary of Sichuan New Hope Agribusiness Co Ltd, invested RMB64.5 million for a 42.9 percent stake in Kunming Xuelan Dairy earlier this year. With the acquisition, New Hope Group has a total stake of 93.9 percent in Kunming Xuelan Dairy and control over the brand of the dairy firm.

 

US$1=RMB6.829 (Jun 2)