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2004-5-7 10:11:00 a.m. HKT, XFNA
Hong Kong-listed Vedan's subsidiary to buy Chinese assets for 144 mln yuan
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HONG KONG (AFX-ASIA) - Vedan International (Holdings) Ltd (2317.HK), a
producer of food additives, said its subsidiary Shanghai Vedan Enterprise Co
Ltd has entered into an agreement with Shanghai Vedan Foods Co Ltd to buy its
monosodium glutamate (MSG) business, property, land and ancillary facilities
in China for a total of 144.38 mln yuan.
The MSG business costing 51.8 mln yuan will include the trademark
""Hoping"", as well as all suppliers, customers and staff of Shanghai Vedan
Enterprise, the company said in a statement.
Shanghai Vedan Foods is connected to Vedan International through common
shareholders, as both are majority owned and controlled by members of the
Yang Family.
Vedan said one of its development plans is to expand its business
presence in China by acquiring MSG producers with recognized brand names.
(1 usd = 8.3 yuan)
jill.wong@afxasia.com
jyw/mh
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