Brazilian food company BRF SA will buy shares worth US$20 million in COFCO Meat Holdings Ltd, a Chinese supplier of pork that is selling in its initial public offering in Hong Kong, Caixin reports.
The financial news website says the companies have agreed to co-operate more closely, in particular in acquainting BRF more thoroughly with Chinese law on meat production, with a view to the Brazilian company playing a greater part in the mainland’s rapidly growing agricultural industry.
COFCO Meat is a subsidiary of state-owned China National Cereals, Oils and Foodstuffs Corp. that hopes to raise HK$2.59 billion (US$333.84 million) in its IPO, Caixin says.
