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Sino Grandness incorporates new wholly-owned unit in China
SINO Grandness Food Industry Group Limited has incorporated a wholly-owned subsidiary, Garden Fresh (Anhui) Fruit & Vegetable Beverage Co Ltd in Anhui, China.
The firm said on Thursday that Garden Fresh (Anhui) has a registered capital of RMB60 million (S$12.3 million).
The transaction will be funded entirely through internal sources.
Sino Grandness's wholly-owned subsidiary, Garden Fresh (Shenzhen) Fruit & Vegetable Beverage Co Limited, owns 100 per cent equity interest in Garden Fresh (Anhui).
Garden Fresh (Anhui)'s principal activity is the production and sales of fruits and vegetables beverage products, frozen foods, canned fruits and vegetables, and research and technology development.
The transaction is not expected to have any material impact on the earnings or net tangible asset value of the company and the group for the financial year ending Dec 31, 2017, Sino Grandness said.
Sino Grandness closed 0.2 Singapore cent lower at S$0.198 on Thursday.