SkyPeople Fruit Juice to invest in China

SkyPeople Fruit Juice to invest in China

SkyPeople Fruit Juice has raised US$24m via a share sale in order to invest in its fruit juice business in China.

SkyPeople Fruit Juice said this week that it has sold more than 5m shares at $5 per share, handing it net proceeds of $24m. It did not disclose the buyers.

"The company expects to use the net proceeds from this offering for capital expenditure, including improvements to the Huludao Wonder and Qiyiwangguo facilities," said the company.

The US-based firm, which operates on China's growing juice market, saw sales and profits in the first half of 2010 more than double on the same period of 2009. SkyPeople is a holding company for Chinese firm Shaanxi Tianren, which produces concentrated apple, kiwifruit, pear and a branded consumer fruit juice.