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Noble Buys Chinese Crushers
HONG KONG - Oct 16/06 - SNS -- Noble Group signed an agreement to purchase two soybean processing facilities in mainland China for around U.S. $18 million. The sale is expected to close this year.
One plant, located in Fuling, Chongqing municipality, will be purchased from Singaporean company Great Wall Investments Pte Ltd. The second plant, located in Longkou, Shangdong province, will be purchased from another Singaporean company, Sino Agri-Trade Pte Ltd.
The Group will purchase 100% of the shares in both soybean crushing and soybean and palm oil refining ventures.
This represents the Group's third investment in soybean processing in mainland China this year, after it had acquired a plant in Qinzhou, Guangxi province in April. The three acquisitions join the Group's portfolio of three soybean crushing facilities in India and leased crushing capabilities in Turkey and Egypt. The Group plans to expand its soybean crushing capacity globally.
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