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Daniel Ren

State-owned Bright Food (Group) has kicked off preparatory work for listing two companies it acquired abroad to expand their capacity to meet the mainlanders’ rising demand for safe and healthy food.
Ge Junjie, a vice president of the second-largest food group in China, told reporters on Thursday that Australian food company Manassen and British cereal maker Weetabix would probably choose Hong Kong as their listing venue.
“It is one important step towards internationalising the group’s businesses by listing overseas assets,” he said. “Listing Manassen and Weetabix has been put on our agenda.”
Bright Food started to aggressively seek overseas acquisitions in 2011 in an effort to bring high-quality food to the mainland where a series of safety scandals sparked strong demand for imported products.
In 2011, the company bought a 75 per cent stake in Manassen for A$530 million.
It purchased 60 per cent of Weetabix which was valued at GBP1.2 billion in 2012.
Ge said Bright Group aimed to offer 20 to 30 per cent of Weetabix’ enlarged capital to the public.
The assets acquired overseas have been increasingly targeting the mainland market as Bright Food brought the high-quality oranges, wines and honey to Chinese consumers.
Manassen targets sales of 100 million yuan on the mainland this year.
Bright Food said its overseas acquisitions were part of its efforts to galvanise China’s indigenous brands.
 
 
Ge said Bright Food would continue to look for acquisitions of foreign companies in the dairy, sugar and wine industries. Bright Food’s other assets acquired overseas included New Zealand’s Synlait Milk, Tnuva, Israel’s biggest food manufacturer and distributor, and Italian olive oil producer Salov.


Bright Food starts work on listing two companies it bought abroad

Weetabix, a British company bought by China's Bright Food Group, may find itself along with Australian food company Masassen being listed in Hong Kong's stock exchange. Photo: Bloomberg

Bright Food's purchase of Australian firm Mundella broadens global reach

Bright Food looks at US dollar bonds

Bright Food borrowed US$850 million to buy Weetabix.

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.css-sioo19{color:#c79a00;}New | Bright Food starts work on listing two companies it bought abroad

New | Bright Food starts work on listing two companies it bought abroad