Shanghai Dairy Group, a subsidiary of Bright Foods (Group) Co, is seeking a spin-off listing in the latest round of Shanghai's State-owned enterprises reform, National Business News reported on Tuesday, quoting a senior executive.
The report counters a recent rumor that the company will inject its assets to Shanghai Bright Dairy & Food Co Ltd, the public subsidiary of its parent company.
The newspaper quoted deputy general manager Shen Weiping as saying the company is also seeking to introduce strategic investors in preparation for a listing.
As of the end of 2013, Shanghai Dairy Group had 45,000 dairy cows on 24 farms. An expansion program will see the launch of new farms in Heilongjiang, Anhui, Shandong and Hubei provinces as well as in Chongqing, and raise the number of dairy cows to 100,000 by the end of 2015, Shen was quoted as saying.
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