Australian dairy company Montec International has reached an agreement to sell 19.9% in the business to Puji Wealth Management.
The Chinese-based investment group will hold over 37.8m shares, valued at over A$1.1m (US$989,000) in Montec.
The proceeds from the placement will provide funds for Montec to expand in China.
Peter Herd, managing director of Montec said: “The board of Montec welcomes this initiative by Puji Wealth Management and believes it to be an important step in a developing relationship which will provide significant support and impetus to both Montec’s product marketing activities and in identifying and developing opportunities for expansion through acquisition.”
In December, just-food reported that the Australian dairy company planned to accelerate its product rollout in China, targeting availability in 2,600 stores in Beijing, Qingdao and Dalian.