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. 

Fuling Zhacai said the deal would increase its “overall strength” and “enhance the company's profitability”.