China Mengniu Dairy, one of the mainland companies caught up in last year's toxic milk scandal, is to receive a $790m investment to help transform its operations.
The Hong Kong-listed company announced yesterday that it would raise HK$6.1bn ($790m) from the equal sale of existing and new shares to a consortium comprising China National Oils, Foodstuffs and Cereals Corp (Cofco) and Hopu Investment Management.
State-owned Cofco, the country's largest food importer and exporter, and the investment fund would together own about 20 per cent of China Mengniu's enlarged issued share capital, the company said. Together they will be the company's largest single shareholder.
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