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SCMP Reporter

The sale of soft-drink maker Guangdong Jianlibao Group took another bizarre twist yesterday, as it emerged that the company's surprise buyer - Zhejiang International Trust and Investment Corporation (Zitic) - actually bought the company on behalf of a mystery third party.

On Tuesday, Zitic paid the Sanshui municipal government up to 360 million yuan (about HK$337.3 million) for up to 80 per cent of Jianlibao.

However, Guangzhou newspapers reported yesterday that in the days after the sale, Zitic chairman Chen Fan said his company had, in fact, acted on behalf of a third party - whom he refused to identify.

On the mainland, itics are often entrusted to make purchases on behalf of buyers who wish to keep their identities secret.

Officials at Zitic, the Sanshui municipal government and Jianlibao yesterday refused to comment on the reports. However, local media speculated that the real buyer may have been Shenzhen-based Kaidi Investment Management.

One of Kaidi's founders, Zhang Hai, is also a vice-president of Zitic. Mr Zhang represented Zitic at Tuesday's signing ceremony.

Mr Zhang said nothing about a mystery buyer at the ceremony and indicated that another 300 million yuan would be invested in Jianlibao after the sale. Officials at Kaidi could not be reached for comment.

It was originally expected that the Sanshui municipal government would sell a controlling stake in Jianlibao to Singapore's Tee Yih Jia Food Manufacturing.

In a provisional agreement signed in November, Sanshui agreed to sell Tee Yih Jia 45 per cent of Jianlibao for 380 million yuan, and the Singapore company put down a 600,000 yuan deposit.

According to local media reports, Tee Yih Jia chose not to go ahead with the purchase - and lost its deposit - after learning that Jianlibao had debts totalling 1.6 billion yuan.

Senior managers at Jianlibao, who put forward their own offer, reportedly opposed the sale to Tee Yih Jia.

However, they were apparently happier to be sold to their mystery buyer earlier this week, saying that 'their daughter had found a good husband'.



Sale of soft-drink maker takes bizarre twist