China's New Hope Group sets up subsidiary in Egypt
New Hope Group, the leading agribusiness operator in China, has set up its subsidiary in Egypt - New Hope Egypt Co., Ltd. on May 22.
New Hope Egypt Co., Ltd, a subsidiary fully owned by New Hope Liuhe Co.,Ltd., was set up at a cost of RMB100 million (US$16.30 million) and will be mainly engaged in production and sales of animal feed. Located at 7th Industrial Zone of Sadat City, Monufia Governorate, it spans 2.3 hectares.
Chinese ambassador to Egypt Song Aiguo graced the opening ceremony.