Mustard manufacturer Chongqing Fuling Zhacai Group plans to take full ownership of condiments maker Sichuan Province HuiTong Shiye Co (HT Food) for CNY129.2m (US$20.82m).
In a regulatory filing, the company said it will issue CNY32.1m in a private placement to fund the deal. The company added that it will not issue more than 4.044m new shares. Current share capital stands at 201.5m.
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Fuling Zhacai said the deal would increase its “overall strength” and “enhance the company's profitability”.
