Three Asian investors have poured a combined US$106m investment into China’s Huaxia Dairy Farm to allow it to expand its farming operations and retail dairy products business.
GIC, Olympus Capital Asia and other existing shareholders including Grand River Capital are investing tranches of US$70m, US$30m and US$6m respectively.
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In addition to expanding its farming bases, the proceeds will be used to further develop Huaxia’s farm management technology, import additional heifers and drive the expansion of the Wondermilk brand.
Charles Shao, founder and chairman of Huaxia Dairy, said: “This financing marks another key milestone for Huaxia Dairy and will provide the capital to support our growth plans.”
The firm has started construction of a fourth farm in Xinghua, which will be completed later this year. It is designed to serve Beijing and Shanghai with fresh, chilled milk.
Chin Kiong Goh, senior vice president at GIC Special Investments, added: “As a long-term value investor, we are confident in the growth prospects of the company and we look forward to working with Charles Shao, the management team, Olympus Capital Asia and the other shareholders to continue to drive the company’s success in this fast-growing sector.”
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