The country's biggest agribusiness firm China National Cereals, Oils and Foodstuffs Corp (Cofco) has received government approval to move forward with its restructuring plans, state media reported yesterday.
Cofco, which was selected in July last year as one of six central government-controlled state-owned enterprise groups to pilot mixed-ownership reforms, is working with the State-owned Assets Supervision and Administration Commission, the China Securities Journal said.
Sasac is the ministry-level body that directly oversees the country's 112 central government-controlled conglomerates.
The government is soon expected to release its top planning documents aimed at boosting the performance of the massively inefficient state sector. The plan is widely expected to reduce the number of central government-controlled enterprise groups to fewer than 60.
Top trainmakers China CNR Corp and CSR Corp announced in December last year they would merge to become a US$26 billion new company.
No details were provided about the overhaul of Cofco, which has several companies listed on the stock market.