September 5, 2008

Jilin Grain Group Co. Ltd., hopes to raise RMB 900 million (US$131 million) through strategic investors so as to finance its goal of becoming a world-famous food supplier and deep-processing manufacturer.

Investors are to hold no more than 55 percent of the Jilin company's enlarged capital stock.

According to the announcement, the Jilin company's book assets had stood at RMB 5.53 billion (US$808.2 million) by June 30, 2008, with of liabilities RMB 4.66 billion (US$681 million). The Chinese grain giant had registered capital of RMB 664.31 million (US$97 million).

The company's first attempt at listing was halted as its former chairman Lu Xianlu was suspected of bribery and use of public money.