June 12, 2012


Bright Dairy gets approval for US$0.22-billion industrial project



The securities market regulator has given Bright Dairy & Food Co., Ltd. approval to start a private placement to raise RMB1.42 billion (US$0.22 billion) for its industrial park project.


Bright Dairy plans to sell not more than 181 million shares to investors in the private placement in a bid to finance the construction of its industrial park in the Minhang district of Shanghai. The company finds difficulty bankrolling its Minhang industrial park project, disclosed people familiar with the matter, giving the reason for the private placement.


In March 2010, Bright Dairy said in a statement that it would invest RMB1.468 billion (US$0.23 billion) to set up an industrial park in Minhang. The company saw its short-term loan leap RMB621 million (US$97.44 million) on-year to RMB895 million (US$140 million) at the end of March 2012, when its short-term and long-term loan added RMB510 million (US$80 million).

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