HONG KONG: Huiyuan Juice Group to buy fruit juice supplier
The deal includes China Huiyuan Industry Holding's debt
China Huiyuan Juice Group is to buy a fruit and vegetable juice concentrate and puree maker from a major shareholder for HKD4.939bn (US$636m).
The deal for China Huiyuan Industry Holding includes HKD1.521bn in debt, according to a filing on the Hong Kong stock exchange yesterday (23 May). The Beijing company is currently owned by China Hui Yuan Holdings, which holds a 41.9% stake in Huiyuan Juice.
According to the filing, China Huiyuan Industry Holding produces 380,000 tonnes of fruit juice concentrates and purees every year and is one of the major suppliers of raw materials for Huiyuan Juice.
The takeover will allow Huiyuan Juice to further tap into China’s fruit and vegetable juice beverage market, which has continued to grow over the past few years on the back of rising demand for natural and healthy products, the filing said.
Last year, Huiyuan Juice, which claims its juice and nectars have a 54% market share in China by sales volumes, said it was moving into the wine sector.
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