Bright Food gets nod to increase stake in listed unit

SHANGHAI: The restructuring of State-owned enterprises in Shanghai took another step yesterday with Bright Food (Group) Co getting the approval from the authorities to acquire Shanghai Industrial Holdings' (SIH) stake in dairy firm Bright Dairy & Food Co.

Bright Food, the parent company, plans to purchase 314 million shares or a 30.18 percent stake in its listed entity Bright Dairy from the Hong Kong registered SIH for 1.55 billion yuan.

Following the transaction, Bright Food, controlled by the local State-owned asset regulatory authorities, together with its another subsidiary Shanghai Milk Group, will become Bright Dairy's controlling shareholders with 65.45 percent stake.