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.