Inner Mongolia Yili Industrial Group Co., one of China’s largest dairy businesses, has been given more time to come up with a public offer for Pakistan’s Fauji Foods.
Yili first disclosed its interest in acquiring the Pakistan dairy firm Fauji Foods, a subsidiary of Fauji Fertilizer Bin Qasim Ltd., to the Shanghai Stock Exchange in July. At the time, Yili was seeking to buy a 51% stake in the company, which markets a range of dairy and juice products under the brand name Nurpur.
In a notice filed with the Pakistan Stock Exchange this week, Fauji Foods said the country’s Securities and Exchange Commission had granted Yili a 90-day extension until 29 April to put in a public offer for the Lahore-based business.
Formerly Noon Pakistan Ltd., Fauji Foods’ origins date back to 1966. It owns a plant based in Bhalwal in the Sargodha district producing butter, cheese, UHT milk, pasteurised milk, tea whitener, flavoured milk, cream, ghee, honey and jam.
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