New Hope Agribusiness Wins Nod For Restructuring Plan

Date:2011-09-15lile  Text Size:

September 14 -- Sichuan New Hope Agribusiness’ (000876) restructuring plan was approved by the China Securities Regulatory Commission (CSRC), reports the National Business Daily, citing the company’s announcement.

New Hope will be composed of New Hope Farm, Shandong Liuhe Group and the original New Hope after restructuring. New Hope expects its revenue will rise to 55.8 billion yuan and become China’s largest agricultural firm.

New Hope exchanged its 100-percent stake in New Hope Diary for a 92.75-percent stake in New Hope Farm from South New Hope Group in September last year. It also placed 910 million new shares to South New Hope Group, Qingdao Shancheng, Qingdao Sizhuang, Qingdao Hezhiwang Industry and Weifang Huizhong, in order to acquire a 100-percent stake in Liuhe Group in the same period. New Hope also sold its 51-percent stake in Chengdu New Hope and Sichuan New Hope to Sichuan New Hope Real Estate.

According to Liuhe Group’s semi-annual financial report, the company generated net profit of 704 million yuan in the first half of 2011. China Galaxy Securities forecasts Liuhe Group’s net profit will rise 50 percent year-on-year to 1.4 billion yuan in 2011, and it may contribute net profits of 1.19 billion yuan and earnings per share of 0.68 yuan to New Hope.


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