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Sanyuan shares up 10% on planned bid for Sanlu's assets

(Xinhua)
Updated: 2009-02-16 14:05

Shares of a Beijing-based dairy company, Beijing Sanyuan Foods Co Ltd, rose by the 10 percent daily limit Monday in response to Friday's announcement that the company would bid for the assets of the bankrupt Sanlu Group.

Related readings:  Dairy firm Sanyuan to bid for scandal-hit Sanlu  Sanyuan, Wondersun to buy 8 Sanlu plants  Milk scandal firm Sanlu declared bankrupt  Sanlu ex-boss gets life for milk scandal

According to the announcement, Beijing Sanyuan will make a placement of 200 million to 250 million non-public 4-yuan shares to parent company Sanyuan Group and a major shareholder, Beijing Enterprises (Food) Co Ltd.

It intends to raise 800 million yuan ($117 million) to 1 billion yuan for the bid, which will be made through Beijing Sanyuan's subsidiary, Hebei Sanyuan.

Sanlu's assets are valued at 726 million yuan.

Sanlu Group, which was at the center of a scandal involving melamine adulteration of milk products, was declared bankrupt last Thursday by the Intermediate People's Court of Shijiazhuang, capital Hebei province.

The court will auction off Sanlu's assets on March 4.

Sanyuan's shares were trading at 6.15 yuan on Monday. The trading had been suspended since September 26 last year.