The Henan Shuanghui Investment & Development Co. has revealed that its state-owned parent company, the Luohe-based Henan Shineway Group, is for sale.
Shuanghui Investment had previously denied media reports that the meat products company, which is expected to fetch around US$800m, was going to be put on the market. According to Dow Jones, it was reported that various private-equity groups had expressed interest in the deal, including JPMorgan Partners, American International Group Inc, and Singapore’s Temasek Holdings.
In a statement released today (3 March), Shuanghui Investment said that the company’s owners, the Luohe State-Owned Assets Supervision and Administration Commission, have already been given the go-ahead to sell the business.
Shineway owns a 35.72% stake in Shuanghui Investment.