CFC China Food Co.

TIDMCFC

RNS Number : 7216T

China Food Company PLC

25 November 2013

 
     Press Release       25 November 2013 
 

China Food Company Plc

("China Food", "Group" or the "Company")

Update on sale of Animal Feed business

China Food Company Plc (AIM:CFC), a leading Chinese manufacturer of cooking and dipping sauces, today provides an update on the sale of its animal feed business.

As previously announced, the Board has appointed PwC Beijing to manage the sale of this business. Following the initial teaser documents that were distributed, the Group is pleased to announce that a detailed Information Memorandum and financial projections have now been sent to those parties who have already expressed interest.

PwC Beijing is in contact with potential investors both in China and internationally, and the Board is pleased to be entering into the next phase of the process.

Operationally, the feed business continues to show growth in sales and is making a positive contribution to the Group. The Board looks forward to providing a further update on the progress of the sale of this business as appropriate, and is pleased to confirm that that the process is on track with the timing that has been outlined previously, with the sale expecting to conclude by summer 2014.

- Ends -

For further information:

 
      China Food Company Plc 
      John McLean, Chairman        Tel: +44 (0) 7768 031 454 
                                    www.chinafoodcompany.com 
 
 
      finnCap 
      Geoff Nash / Ben Thompson (Corporate       Tel: +44 (0) 20 7220 
       Finance)                                                  0500 
      Simon Starr (Broking) 
 
 
      Numis Securities 
      David Poutney (Joint Broker)       Tel: +44 (0) 20 7260 
                                                         1000 
 

Media enquiries:

 
      Abchurch Communications 
      Henry Harrison-Topham / Joanne Shears         Tel: +44 (0) 20 7398 
                                                                    7702 
      henry.ht@abchurch-group.com                 www.abchurch-group.com 
 

Notes to Editors:

China Food is a well-established food manufacturing business based in Shandong province in the People's Republic of China, a region with a population of circa 94 million. A recent report identified Shandong province as one of the five most attractive 'city clusters' in China, due to the high number of large cities in the province*. The Group manufactures numerous different product lines including soya sauce and bean paste, all targeting the Chinese domestic market, and sold through a network of distributors and outlets of supermarket chains in the north-eastern region of the PRC, such as Walmart, Carrefour and Jialejia.

The Chinese sauces, dressings and condiments market is expected to be worth CNY115 billion (US$15 billion) by 2013, driven by Chinese population growth and economic prosperity. The Chinese domestic market is rapidly expanding, and the Group is well positioned to benefit from China's demographic growth and increased urbanisation.

The Group's operations are highly scalable and able to support further growth, and with net assets of GBP32 million (as at 30 June 2013), the prospects for China Food are strong. Further information on China Food Company can be found at www.chinafoodcompany.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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