An 85% stake in dairy foods producer Beijing Kraft Food Co has been purchased by city government-controlled conglomerate Beijing Enterprises Holdings for US$12.24m.
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The takeover was completed through Beijing San Yuan Foods Co, in which Beijing Enterprises holds a 72% stake
Beijing Kraft Food, set up in 1993 and previously owned by US cigarette giant Philip Morris Cos and its subsidiary Kraft Foods, posted net assets of US$18.12m at the end of September 2000. San Yuan aims to increase the company’s daily production by about a third.
Beijing Agriculture Industrial and Commercial United Corp, a Chinese company, meanwhile controls the remaining 15% stake in Beijing Kraft.
