China Bright Food plans $916mln raising-spokesman

HONG KONG, April 2 (Reuters) – China’s Bright Food Group Co
plans to raise up to 6 billion yuan ($916 million) as early as
this year by selling bonds and listing a unit, a company
spokesman said on Saturday, confirimg an earlier Bloomberg
report.

Bright Food is planning an initial public offering (IPO) of
unit Yunnan Yinmore Sugar Co in Hong Kong that may raise 2.5
billion yuan to 3 billion yuan, spokesman Chen Chunjiang said,
adding that the group planned to raise 3 billion yuan through
short-term bond sales.

The company may also list its food assets as a group in Hong
Kong in three years, Bloomberg reported, citing Chairman Wang
Zongnan, as it seeks to buy overseas companies in industries
including sugar, dairy, and food production and distribution.

Bright Food has shown interest in buying overseas assets,
though it had limited success with some recent attempts. Last
month, it missed buying a 50 percent stake in French yogurt
maker Yoplait, an auction which was won by U.S. food group
General Mills .

The Shanghai-based company aims to lift revenue from outside
China to as much as 30 percent of sales in five years from 5
percent now, the report added.

(Reporting by Samuel Shen and Denny Thomas)

China Bright Food plans $916mln raising-spokesman