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World Dairy Magnate Becomes Shareholder of Chinese Enterprise

The Donone Asia Pte. Ltd. of France, a dairy magnate in the world, has become one of the sponsor shareholders of China's largest dairy enterprise.

When the Guangming Dairy Ltd. in Shanghai was reshuffled to a share holding company, five percent of the 500 million yuan (US$60 million) total capital stocks were bought by Donone, Wang Jiafen, board chairman of the company, announced Wednesday.

The Shanghai Milk Co. and Shanghai Food Shareholding Co., Ltd., the largest two shareholders of Guangming Dairy, take 40 percent of the stock shares respectively.

Wang said the structure of the stock ownership is "very reasonable." The participation of Donone will help introduce modern management expertise to Guangming Dairy.

Negotiations between Guangming and Donone is going on to bring the Danone-funded enterprises in China under the management of Guangming, according to Wang.

The sales volume of Guangming Dairy was 1.5 billion yuan last year, and it is expected to grow by 40 percent this year.

It is learned that Guangming Dairy is working for listing in the Chinese stock market.

(Xinhua 11/30/2000)

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