August 11, 2010

Bright Dairy sets up HK subsidiary for NZ dairy project

Bright Dairy & Food Co Ltd on Aug 6 announced that it had received approval from board of directors to set up a wholly-owned subsidiary in Hong Kong to operate and manage a dairy production project in New Zealand.

According to an earlier report, the Shanghai-listed firm has spent RMB382 million (US$58 million) to acquire a 51% stake or 26.02 million shares of Synlait Milk Ltd based in Canterbury, New Zealand.

Bright Dairy & Food reaped RMB25.51 million (US$3.77 million) in net profit in the first quarter of this year, reflecting an on-year jump of 191.34%, and its total assets were RMB4.21 billion (US$0.62 billion) as of March 31.