Bright Dairy & Food Co., Ltd. (600597.SH) announced on Tuesday that it would float no more than 559 million new A shares via a private placement to finance no more than nine billion yuan. The proceeds will be used to purchase a 100-percent stake in Bright Food Singapore Investment Pte. Ltd. from Bright Food Singapore Holdings Co., Ltd., an overseas subsidiary of Bright Dairy's parent company Bright Food (Group) Co., Ltd, for 6.87 billion yuan.
As the Bright Food Singapore Investment is controlling a 76.7 percent stake in Israel's dairy company Tnuva Food Industries Agricultural Co-operative Association, Bright Dairy will indirectly acquire the 76.7-percent stake in the Israel dairy company through the deal. Bright Dairy's A shares jumped by the daily limit-up of 10 percent on Tuesday to close at 21.52 yuan per share.
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