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Sanyuan Shares up 10% on Planned Bid for Dairy Firm Sanlu's Assets
[2009-02-16 14:58:10]
Shares of a Beijing-based dairy company, Beijing Sanyuan Foods Co. Ltd., rose by the 10 percent daily limit Monday in response to Friday's announcement that the company would bid for the assets of the bankrupt Sanlu Group.
According to the announcement, Beijing Sanyuan will make a placement of 200 million to 250 million non-public 4-yuan shares to parent company Sanyuan Group and a major shareholder, Beijing Enterprises (Food) Co. Ltd.
It intends to raise 800 million yuan (116.8 million U.S. dollars) to 1 billion yuan for the bid, which will be made through Beijing Sanyuan's subsidiary, Hebei Sanyuan.
Sanlu's assets are valued at 726 million yuan.
Sanlu Group, which was at the center of a scandal involving melamine adulteration of milk products, was declared bankrupt last Thursday by the Intermediate People's Court of Shijiazhuang, capital Hebei Province.
The court will auction off Sanlu's assets on March 4.
Sanyuan's shares were trading at about 6.15 yuan Monday morning. The trading had been suspended since Sept. 26 last year.
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