Bright Food's unit buys 40% stake in Sichuan Quanxing

China Knowledge

Dec. 31, 2010 (China Knowledge) - Shanghai Sugar Tobacco Wine Co Ltd, a wholly-owned subsidiary of Bright Food (Group) Co, has bought a 40% stake in Sichuan Quanxing Distillery Co Ltd from Sichuan Swellfun Co Ltd for RMB 47.15 million, sources reported.

Bright Food currently has a liquor unit Shanghai Jinfeng Wine Co Ltd, which is principally engaged in the manufacture of yellow wine and sugar. After the deal, the target firm became Bright Food's first white spirit unit.

The deal is in line with Bright Food's efforts to tap the white spirit and red wine market, and it will continue to diversify its products, said Ge Junjie, vice president of Bright Food and chairman of Shanghai Sugar Tobacco Wine.

Sichuan Swellfun said in a statement that the share sale is expected to strengthen the company's core business of high-class white spirit, improve its financial structure, and boost its capabilities in sustained operation and steady development.

Sichuan Quanxing Distillery, which is mainly engaged in the businesses of production, processing and distribution of liquor, saw its total assets reach RMB 114 million as of Jun. 30, 2010 and net profit amount to RMB 2.26 million.

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