China Xiangtai Food jumps on completion of $7.2 mln soybean meal sales
16/09/2020 14:55
** Shares of China-based meat products processor PLIN.O
rise 15% to $0.87
** PLIN unit Chongqing Ji Mao Cang Feed Co Ltd (JMC)
completed ~$7.2 mln (49 mln yuan) sales of soybean meal over
three months, after purchasing ~18,000 tonnes of supply from
China Grain Reserve Corp's Zhenjiang branch office urn:newsml:reuters.com:*:nPn4fzHzna
** JMC, which was acquired by PLIN this year, specializes in
the sale of feed raw material and supplying feed formula
solutions; has sold more than 200,000 tons of soybean meal in
2019
** In May, JMC had signed an $8.5 mln contract to sell
10,000 tonnes of soybean oil to Chongqing Wave Trading Co Ltd by
October urn:newsml:reuters.com:*:nL4N2CV3KQ
** Stock now down 77% YTD
(Reporting by Devik Jain in Bengaluru)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))