China Food Co, the leading Chinese manufacturer of cooking and dipping sauces, has parted ways with one of its "major" shareholders.

China Food Co said today (16 January) that Hana Mulsan Co has sold its entire 12.3% stake in the firm, consisting of 8.8m ordinary shares. Financial details of the transaction were not disclosed.

"These ordinary shares have been successfully placed in full with a number of UK institutional investors," said the group, which is based in China's Shandong province. It did not give any reason for the sale.

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China Food Company Plc (AIM:CFC), the leading Chinese manufacturer of cooking and dipping sauces, announces that on 14 January 2013 Hana Mulsan Co., Ltd ("Hana Mulsan"), one of the Company's major shareholders with 12.3% of the issued share capital, sold its entire stake of 8,809,195 Ordinary Shares.  These Ordinary Shares have been successfully placed in full with a number of UK institutional investors.

Original source: http://www.chinafoodcompany.com/