Sanyuan Foods To Restructure Taizi Milk


November 9 -- Beijing Sanyuan Foods (600429.SH), one of China's top four liquid milk producers, plans to restructure Hunan Taizi Milk Group jointly with Macrolink Real Estate (000620) and Zhuzhou Runkun Technology Development, reports, citing a company filing.

The reorganization plan was approved by the Intermediate People’s Court of Zhuzhou city in August.

Sanyuan, Macrolink, and Runkun Technology will jointly provide 715 million yuan to Taizi Milk to repay loans taken by three of its subsidiaries in Zhuzhou, Hunan province.

In return, the three companies will obtain the entire 100 percent stake in the three subsidiaries and all their assets, which are valued at 819.5 million yuan.

Shares of Sanyuan Foods rose 6.07 percent to trade at 7.16 yuan per share at 10:00 today.


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