China Xiangtai Food rises on $8.5 mln soybean oil contract
13/05/2020 19:09
** Shares of China-based meat products processor PLIN.O
rise 10.7% to $2.07
** PLIN's subsidiary, Chongqing Ji Mao Cang Feed Co Ltd
(JMC) signs contract to sell 10,000 tonnes of soybean oil to
Chongqing Wave Trading Co Ltd by Oct. 2020 urn:newsml:reuters.com:*:nFWN2CV0KV
** Contract is worth $8.5 mln (60.5 mln yuan), JMC has
received a 20% deposit as advance payment urn:newsml:reuters.com:*:nPnbTBTCKa
** JMC, which was acquired by PLIN last month, 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
** We saw the need for healthy food and believe there is an
opportunity in other soybean products, our team decided to
expand business into the soybean oil market - Jiaping Zhou, JMC
General Manager
** Stock down ~47% this year
(Reporting by Devik Jain in Bengaluru)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))